BIT Mining Limited

BIT Mining Limited (NYSE: BTCM) (“BIT Mining” or the “Company”), a leading technology-driven cryptocurrency mining company, today announced that the Company entered into a share sale and purchase agreement (the “Sale and Purchase Agreement”) with an unaffiliated third party (the “Buyer”), pursuant to which the Company agreed to sell, and the Buyer agreed to purchase, all of the Company’s remaining share ownership in Crypto Flow Technology Limited (“Crypto Flow”), previously known as Loto Interactive Limited, namely, 48,195,605 shares of Crypto Flow, representing approximately 8.79% of the total issued share capital of Crypto Flow, at the price of HK$0.38 per share (the “Sale Price”) for the total consideration of HK$18,314,330 (the “Transaction”).

The Transaction and its terms are subject to satisfaction of the conditions set out in the Sale and Purchase Agreement, including by relevant regulatory authorities. Upon completion of the Transaction, the Company will not own any shares in Crypto Flow.

Pursuant to the transaction previously announced on July 12, 2022, and completed on July 26, 2022, the Company sold approximately 51% of the total issued share capital of Crypto Flow, reducing the Company’s share ownership in Crypto Flow to 8.79%.

“We will remain focused and continue to devote resources to our mining operations in light of better cost control and operational efficiency improvement,” commented Mr. Xianfeng Yang, CEO of the Company.

BIT Mining Limited (NYSE: BTCM) (“BIT Mining,” “the Company,” “we,” “us,” or “our company”), a leading technology-driven cryptocurrency mining company, today announced the launch of their state-of-the-art Litecoin (“LTC”) / Dogecoin (“DOGE”) mining machine, model LD3 (“LD3”), which was specifically designed for mining on the DOGE and LTC blockchains.

The power efficiency of 0.73 W/MH and 4800 MH/s delivery make the LD3 machine more profitable than its predecessors in terms of efficient energy consumption. As a result, it is one of a few cutting-edge products available that deliver a highly cost-effective performance while offering the shortest payback period for LTC/DOGE mining.

The machines are designed for reliability, with the LD3s leaving more than a 10% performance margin for computing power chips rather than driving the machine to work under extreme conditions. This practice not only effectively prolongs the need to service the machine but also enables LD3s to work more consistently, resulting in reduced maintenance costs.

Furthermore, the design of LD3 provides more security guarantees for LTC/Doge miners. LD3 machine implements software-level security mechanisms with the latest common vulnerabilities & exposure patches. In addition, hardware-level protections for security are also implemented.

Currently, over 5,000 of the new LD3 miners have been produced for both Bit Mining’s internal use and sale to the public. LD3 is the second ASIC miner developed by the Company since the completion of its acquisition of mining hardware manufacturer, Bee Computing, in 2022. The first ASIC Ethereum Classic (“ETC”) mining machine was successfully released in August 2022.

“The unveiling of the LD3 mining equipment marks a significant advancement for BIT Mining Limited as this next generation of LTC/DOGE miners will push the industry ahead with currently unmatched technical specs. The LD3’s release is also well-timed with the upcoming LTC halving event in August, allowing us to make a strategic pivot to other growing blockchain technologies. This development also validates our corporate strategy to be hard core technology-driven.” said Mr. Xianfeng Yang, CEO of BIT Mining.

Tag: BIT Mining Limited

BIT Mining Announces Sale of Remaining Shares of Crypto Flow Technology Limited

BIT Mining Launches New Energy Efficient LiteCoin/DogeCoin Miner LD3

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