Here's How BIT Mining Fared In Q3

BIT Mining Ltd BTCM reported third-quarter FY21 revenue of $404.3 million, representing a sharp increase of $403.8 million year-on-year.
The revenue comprised $397.8 million from its mining pool business consolidated from April 2021.
The cost of revenue was $416.1 million, representing an increase of $415.7 million due to higher costs associated with the mining pool business.
Operating costs and expenses were $425.5 million, representing an increase of $420.1 million.
The non-GAAP operating loss of $(22.7) million widened from $(3.1) million last year.
Non-GAAP loss per ADS was $(0.25).
BIT Mining held $34.4 million in cash and equivalents.
BIT Mining produced 779 ethereum from its ethereum cryptocurrency mining operations and recognized revenue of $2.5 million.
BIT Mining expects to produce 80 ethereum per day theoretically, starting in December 2021. It expects to produce 2,400 ethereum monthly, equivalent to 170 bitcoin worth ~$10.3 million in aggregate.
Price Action: BTCM shares traded lower by 9.71% at $6.6 on the last check Thursday.

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