Mining Production and Operations Highlights:
- In March, BIT Mining produced a total of 41.55 Bitcoin (BTC), consisting of 34.96 BTC for hosted clients and 6.59 BTC self-mined.
- The Company also mined approximately 2,383,708 Dogecoin (DOGE) and 651.6 Litecoin (LTC).
- The average time required to mine one self-mined BTC was 5.2 days.
- The cost per BTC mined was approximately $65,831.
Infrastructure Update:
BIT Mining continues to expand its international mining footprint across Ohio and Ethiopia, with a focus on building scalable and clean-energy-powered infrastructure.
- In Ohio, the Company maintains active operations with a power capacity of 82.5 MW, supporting both hosted clients and self-mining.
- In Ethiopia, BIT Mining is progressing with the buildout of its newly acquired crypto mining site. As of March:
- Ongoing construction on the remaining 16 MW is expected to bring total site capacity to 51 MW by May 2025.
- The first batch of 8,458 air-shipped machines has cleared customs and arrived at the site, ready to be powered on.
- An additional 8,171 sea-shipped machines have reached the port and are currently undergoing customs clearance.
The Company currently owns a fleet of over 28,000 mining machines across its BTC and LTC/DOGE operations. While a portion of the fleet is in transit to Ethiopia or undergoing routine maintenance, BIT Mining is actively scaling toward full deployment. The Company's currently deployed and operational hash rate stands at 423 PH/s, with significant additional capacity expected to come online in the coming months. As logistics and repair cycles progress, BIT Mining anticipates a meaningful increase in utilization and operational efficiency, supporting its roadmap for long-term growth and profitability.
CEO's Commentary:
"We made steady operational progress in March as we refine our infrastructure strategy and remain focused on cost discipline," said Xianfeng Yang, CEO of BIT Mining. "While our cost per self-mined BTC remained stable at $65,831, we are actively working to increase deployment efficiency. Our clean-energy expansion in Ethiopia represents a long-term growth opportunity that aligns with our vision for sustainable and diversified mining operations."