TechFlow news — Bitcoin mining company BIT Mining announced it will sell the mining pool business of BTC.com to Hong Kong-based Esport – Win Limited for $5 million.
The transaction is expected to increase BIT Mining's total shareholders' equity by approximately $16 million, as the business carries a net cryptocurrency liability of about $11 million. The sale is subject to certain closing conditions and regulatory approvals, and is expected to be completed once these conditions are satisfied.
The mining pool business generated $5.932 billion in revenue in 2022, accounting for 91.2% of BIT Mining’s total revenue.
However, under the company’s business model, each mining pool participant receives a commensurate share of mining rewards. In 2022, the cost and expenses related to mining pool services amounted to $5.958 billion, resulting in a net operating loss of $2.6 million for the business for the full year. The company stated that this sale will enhance profitability and maintain a stable cash position.
