Bit Mining Limited ( (BTCM) ) has released its Q4 earnings. Here is a breakdown of the information Bit Mining Limited presented to its investors.
BIT Mining Limited is a technology-driven company specializing in cryptocurrency mining, data center operations, and mining machine manufacturing. The company is known for its strategic focus on creating long-term value within the cryptocurrency ecosystem.
BIT Mining Limited has reported its unaudited financial results for the fourth quarter and full year ending December 31, 2024. The company completed a significant acquisition of a cryptocurrency mining data center in Ethiopia, which is expected to enhance its operational efficiency and revenue streams.
The fourth quarter of 2024 saw revenues of $8.8 million, a decrease from the previous year but an increase from the previous quarter. The company reported an operating loss of $2.5 million, a significant improvement from the $14.3 million loss in the same quarter of the previous year. Net loss attributable to BIT Mining was $2.1 million, showing a marked improvement from the $15.5 million loss in the fourth quarter of 2023.
For the full year 2024, BIT Mining reported revenues of $32.9 million, down from $43.1 million in 2023. However, the operating loss for the year was reduced to $7.8 million from $25.2 million in the previous year. The company also reported a net income from discontinued operations of $18.9 million, a significant turnaround from a loss of $3.3 million in 2023.
Looking ahead, BIT Mining is optimistic about its future trajectory, with ongoing construction of mining facilities expected to be operational by mid-2025. The company remains committed to exploring new opportunities to create lasting value for its shareholders.