BIT Mining Shares Drop As Q2 Revenue Halves On Declining Cryptocurrency Prices

BIT Mining Ltd (NYSE:BTCM) reported a second-quarter FY22 sales decline of 55% year-on-year to $195.5 million.
Cryptocurrency price weakness and higher energy prices have significantly impacted the quarterly revenues.
Total hash rate capacity of the company’s online Ethereum mining machines is about 3,536.2GH/s as of August 19, 2022.
For 2Q22, BIT Mining produced 4,898 Ethereum from its cryptocurrency mining operations with a revenue of about $11.2 million.
Total hash rate capacity of online Bitcoin mining machines is approximately 145.2PH/s as of August 19, 2022.
For 2Q22, BIT Mining produced 97 Bitcoins from Bitcoin cryptocurrency mining operations with a revenue of $3.6 million.
General and administrative expenses were $5.5 million versus $6.1 million last year.
The operating loss for the quarter expanded to $(23.3) million from a loss of $(14.9) million the previous year.
The company held $22.7 million in cash and equivalents as of June 30, 2022. It held cryptocurrency assets of $15.4 million.
Non-GAAP earnings per ADS for the quarter were $0.09.
Price Action: BTCM shares are trading lower by 12.62% at $0.38 on the last check Friday.
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