BIT Mining's Mining Pool Subsidiary to Exit Mainland China Market
Oct 14, 2021
AKRON, Ohio, Oct. 14, 2021 /PRNewswire/ -- BIT Mining Limited (NYSE: BTCM) ("BIT Mining" or the "Company"), a leading technology-driven cryptocurrency mining company, today announced that its mining pool subsidiary, BTC.com will exit the mainland China market. To comply with local regulations, BTC.com will cease registering new users from mainland China and expects to start retiring the accounts of existing users in mainland China in an orderly manner starting on October 15, 2021.
BTC.com's discontinuation of service to users in mainland China may adversely impact the consolidated financial statements of the Company. However, the Company believes that its growth in global markets will help offset the loss of business in mainland China. Going forward, the Company plans to intensify its business expansion efforts and accelerate its global development.
About BIT Mining
BIT Mining (NYSE: BTCM) is a leading technology-driven cryptocurrency mining company, with a long-term strategy to create value across the cryptocurrency industry. Its business covers cryptocurrency mining, mining pool, and data center operation. The Company owns the blockchain browser BTC.com and the comprehensive mining pool business operated under BTC.com, providing multi-currency mining services including BTC, BCH, ETH and LTC. The Company has also entered into a definitive agreement to acquire a 7-nanometer cryptocurrency mining machine manufacturer, Bee Computing, to complete the Company's vertical integration with its supply chain, increase its self-sufficiency and strengthen its competitive position.
This news release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "going forward," "outlook" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control, which may cause the Company's actual results, performance or achievements to differ materially from those in the forward-looking statements. Important factors that could cause BIT Mining's actual results to differ materially from those indicated in the forward-looking statements include, among others: the development and operation of BTC.com, and the execution and anticipated benefits of BIT Mining's growth strategy. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.
For further information:
BIT Mining Limited
The Piacente Group, Inc.
Tel: +1 (212) 481-2050
SOURCE BIT Mining Limited