Financial Performance and Revenue - BIT Mining Limited's operations in Hong Kong generated approximately 1.5%, 5.3%, and nil of total revenue from continuing and discontinued operations in 2021, 2022, and 2023 respectively[10]. - The company transferred cash to its subsidiaries of approximately US$66.8 million, US$37.0 million, and US$2.5 million in 2021, 2022, and 2023 respectively[18]. - BIT Mining Limited transferred assets valued at US$2.2 million, US$9.2 million, and US$6.3 million to its subsidiaries in 2021, 2022, and 2023 respectively[18]. - BIT Mining Limited's subsidiaries transferred assets valued at US$2.4 million, US$9.0 million, and US$9.3 million to the company in 2021, 2022, and 2023 respectively[19]. - The company's quarterly revenues and operating results have historically fluctuated, making future performance difficult to predict[103]. - The average total market capitalization of the company was less than $50 million over a consecutive 30 trading-day period, leading to non-compliance with NYSE listing standards[47]. Regulatory and Compliance Risks - Regulatory risks in China may impact BIT Mining Limited's ability to conduct operations, as adverse actions could force the company to cease administrative support and IT services from China[13]. - The company has migrated its cryptocurrency operations to international markets due to regulatory and policy developments in China[22]. - The company is subject to various legal and operational risks associated with having non revenue-generating subsidiaries and personnel located in China[13]. - The company has accrued $10 million for combined penalty amounts related to ongoing investigations by the DOJ and SEC, which may significantly impact liquidity and raise doubts about its ability to continue as a going concern[45]. - The company is subject to quarterly monitoring for compliance with its business plan submitted to the NYSE, which may be impacted by the payment of penalties[46]. - The company may face risks of delisting under the Holding Foreign Companies Accountable Act if its auditor cannot be inspected by the PCAOB[75]. - The SEC may issue a stop order to prohibit trading of the company's ADSs if there are three consecutive non-inspection years, which has been reduced to two under the AHFCA Act[78]. - Recent regulatory developments in China may restrict the company's ability to raise capital outside of China, potentially leading to a significant decline in the value of its securities[64]. - The company has adjusted its corporate structure and business operations to comply with PRC laws, including the termination of its previous VIE structures[71]. - The company has adopted risk-based policies to analyze whether the digital assets it mines could be deemed securities under applicable laws, which could limit distributions and transfers[36]. - Regulatory changes could require the company to register under the Securities Act and Investment Company Act, leading to extraordinary expenses and potential operational disruptions[122]. Operational and Strategic Developments - The company has focused on expanding its cryptocurrency mining operations in the United States, particularly at a mining site in Akon, Ohio, with access to power capacity of up to 82.5 megawatts[23]. - The company is expanding its cryptocurrency operations into the United States, including the completion of the Ohio Mining Site, which may require compliance with additional federal and state regulations[51]. - The company has shifted its focus to international markets for cryptocurrency mining operations, terminating data center operations in China due to regulatory changes[81]. - The company has developed a cryptocurrency mining data center in Ohio with a power capacity of 82.5 megawatts[85]. - The company has entered the cryptocurrency industry, acquiring a 7-nanometer mining machine manufacturer and developing a mining data center with a power capacity of 82.5 megawatts[115]. - The company is actively considering strategic opportunities in blockchain and cryptocurrency, but there is no assurance that any acquisitions or partnerships will be successful[117]. - Future acquisitions could lead to the issuance of ordinary shares or incurrence of debt, negatively impacting cash flows and financial condition[119]. - The company faces challenges in managing growth effectively, which could limit its growth and negatively affect operating results[115]. - The evolving nature of the cryptocurrency industry requires the company to continuously adapt its business model to stay competitive[115]. Market and Competitive Environment - The company faces competition from larger operators in the cryptocurrency industry, which may hinder its ability to expand and secure necessary partnerships[121]. - The cryptocurrency market's growth is uncertain, influenced by factors such as government regulation, consumer preferences, and economic conditions[127]. - Geopolitical events may lead to rapid price fluctuations in cryptocurrencies, impacting the company's inventory value[139]. - The acceptance of cryptocurrencies in retail and commercial markets remains limited, contributing to price volatility[141]. - Transaction fees may increase, potentially decreasing demand for bitcoin and hindering its acceptance as a payment method[144]. - The decentralized nature of cryptocurrency governance may lead to slow responses to crises, negatively affecting the company's operations[146]. - The company faces risks from a lack of liquid markets and potential manipulation of blockchain-based assets, which may adversely affect its operations and the value of cryptocurrencies held[148]. - Competition from other cryptocurrency investment methods may negatively impact the company's market share and profitability[149]. - The emergence of alternative financial vehicles and scrutiny from regulators could limit the company's ability to maintain a public market for its securities[150]. Cybersecurity and Operational Risks - Cybersecurity threats, including hacking and malware, pose significant risks to the company's cryptocurrency holdings and operations[155]. - The company experienced a cyberattack in December 2022, resulting in the theft of approximately $2.4 million in assets[191]. - The company is dependent on the performance and reliability of its mining machines, which are susceptible to failure and could disrupt operations[170]. - The operation of mining requires significant electrical power, and any increase in electricity costs could reduce profit margins[194]. - The company does not maintain insurance for its digital assets, exposing it and its shareholders to potential losses that are not covered by insurance[59]. - The company does not have business interruption insurance, which could lead to substantial costs in the event of a disruption[97]. - The company relies on third-party services for key operations, and any failure in these services could materially affect its business[91]. - The company is dependent on external service providers for payment and settlement processing, and any failures in their services could lead to financial losses and reputational damage[101]. Bitcoin Mining Specific Risks - The primary cryptocurrency mined by the company, bitcoin, is subject to halving events, which will reduce mining rewards and may not be compensated by an increase in bitcoin value[171]. - The mining reward for Bitcoin has halved three times: from 50 BTC to 25 BTC in 2012, 25 BTC to 12.5 BTC in 2016, and 12.5 BTC to 6.25 BTC in 2020, with the next halving expected around 2140[172]. - The company's revenues from Bitcoin mining are influenced by the number of Bitcoin rewards mined and the market value of Bitcoin, which has historically been volatile[174]. - A significant decline in Bitcoin's value could adversely affect the company's operating results and its ability to continue as a going concern[174]. - The profit margins of Bitcoin mining operations are critical; low margins may lead to immediate selling of mined Bitcoin, increasing market pressure and potentially lowering prices[186]. - The company is focused primarily on Bitcoin mining, utilizing ASIC machines that are specialized for Bitcoin and Bitcoin Cash, limiting diversification into other cryptocurrencies[174]. - If a malicious actor gains control of over 50% of the processing power on a cryptocurrency network, it could manipulate transactions and adversely affect the company's operations[188]. - The company may face challenges in realizing the economic benefits of forks in cryptocurrency networks, which could impact its investment value[180]. - The fixed reward for solving a new block on the bitcoin blockchain is currently 6.25 bitcoin, down from 12.5 bitcoin in May 2020, with an expected halving in 2024[197]. Internal Control and Audit Issues - As of December 31, 2023, the company concluded that its internal control over financial reporting was effective, but identified a material weakness as of December 31, 2022[61]. - The company has incurred and anticipates continuing to incur considerable costs related to maintaining compliance with the Sarbanes-Oxley Act[61]. - The PCAOB has identified numerous deficiencies in audit firms in China, which could impact investor confidence if inspections are not consistently available[205]. - The company's financial statements for the year ended December 31, 2023, were audited by MaloneBailey, LLP, which is not subject to PCAOB's inspection issues[76]. - The PCAOB completed inspections of registered public accounting firms in Hong Kong and determined it had complete access to inspect firms in mainland China and Hong Kong[77]. Investor Sentiment and Market Volatility - The trading price of the company's ADSs may be volatile, influenced by financial results, new business initiatives, and external market factors[207]. - Recent volatility in the trading performance of other PRC companies listed in the U.S. may affect investor sentiment towards the company's ADSs[209].

AKRON, Ohio, March 4, 2024 /PRNewswire/ -- BIT Mining Limited (NYSE: BTCM) ("BIT Mining," "the Company," "we," "us," or "our company"), a leading technology-driven cryptocurrency mining company, today announced the closing and completion of its previously announced sale of its entire mining pool business operated under BTC.com (the "Business") to Esport – Win Limited, a Hong Kong limited liability company, for a total consideration of US$5 million (the "Consideration"). The Business has been transferred to ...

Financial Performance - Revenues for the fourth quarter of 2023 were US$10.4 million, an increase of 44.4% from US$7.2 million in Q4 2022, but a decrease of 10.3% from US$11.6 million in Q3 2023[2][12] - Full year 2023 revenues were US$43.1 million, down from US$57.0 million in 2022[5] - Total revenues for the year ended December 31, 2023, were $43,101 thousand, a decrease of 24.4% compared to $57,025 thousand for the year ended December 31, 2022[34] Losses and Adjustments - Operating loss for Q4 2023 was US$1.6 million, a significant decrease of US$36.7 million from US$38.3 million in Q4 2022, and a decrease of US$2.5 million from US$4.1 million in Q3 2023[3][19] - Net loss attributable to BIT Mining for Q4 2023 was US$0.8 million, compared to a net loss of US$40.0 million in Q4 2022 and US$4.7 million in Q3 2023[3][21] - The net loss attributable to BIT Mining Limited for the year ended December 31, 2023, was $14,428 thousand, compared to a net loss of $158,427 thousand for the year ended December 31, 2022, representing an improvement of 91.1%[34] - The company reported a comprehensive loss of $14,724 thousand for the year ended December 31, 2023, compared to a comprehensive loss of $160,162 thousand for the year ended December 31, 2022, showing a significant reduction of 90.8%[34] - BIT Mining Limited reported a net loss attributable to the company of $14.428 million for the twelve months ended December 31, 2023, compared to a net loss of $155.415 million for the previous year, indicating a significant reduction in losses[37] - The adjusted operating loss from continuing operations for the three months ended September 30, 2023, was $4.133 million, down from $15.707 million in the same period of the previous year[37] - Losses per American Depositary Share (ADS) attributable to BIT Mining Limited were $(0.10) for the twelve months ended December 31, 2023, compared to $(0.18) for the previous year[35] - The company reported a diluted adjusted net loss from continuing operations of $(0.01) for the three months ended September 30, 2023, compared to $(0.03) in the same period of the previous year[38] - The net loss from discontinued operations for the twelve months ended December 31, 2023, was $3.365 million, compared to a net loss of $80.593 million for the previous year[37] - The adjusted net loss (non-GAAP) for the twelve months ended December 31, 2023, was $(13.288) million, compared to $(32.051) million for the previous year[38] Assets and Liabilities - As of December 31, 2023, BIT Mining had cash and cash equivalents of US$3.6 million, down from US$5.4 million a year earlier[23] - Total current assets increased to $40,512 thousand as of December 31, 2023, from $35,336 thousand as of December 31, 2022, reflecting a growth of 14.7%[30] - Current liabilities rose to $36,178 thousand as of December 31, 2023, compared to $30,839 thousand as of December 31, 2022, indicating an increase of 17.3%[30] - The total assets decreased to $77,951 thousand as of December 31, 2023, down from $86,804 thousand as of December 31, 2022, a decline of 10.2%[32] - The company’s total shareholders' equity decreased to $39,434 thousand as of December 31, 2023, down from $53,128 thousand as of December 31, 2022, a decrease of 25.7%[31] - The company’s accumulated deficit increased to $556,597 thousand as of December 31, 2023, from $542,169 thousand as of December 31, 2022, reflecting a rise of 2.9%[31] Cryptocurrency Operations - The total hash rate capacity for DOGE/LTC mining machines was approximately 24,766.0 GH/s, producing 38.3 million DOGE and 10,615 LTC in Q4 2023[10] - The data center business generated US$5.7 million in service fee revenue during Q4 2023, a decrease of US$0.7 million from Q3 2023[11] - The company recognized a net gain on disposal of cryptocurrency assets of US$1.5 million in Q4 2023, a decrease from US$3.7 million in Q4 2022[16] - BIT Mining's cryptocurrency assets totaled US$7.6 million as of December 31, 2023, including 22.6 BTC and 12.2 million DOGE[24]

AKRON, Ohio, Feb. 23, 2024 /PRNewswire/ -- BIT Mining Limited (NYSE: BTCM) ("BIT Mining," "the Company," "we," "us," or "our company"), a leading technology-driven cryptocurrency mining company, today reported its unaudited financial results for the fourth quarter ended December 31, 2023. On December 28, 2023, the Company entered into an agreement with Esport – Win Limited, a Hong Kong limited liability company, to sell its entire mining pool business for a total consideration of US$5 million. The sale does ...

AKRON, Ohio, Feb. 8, 2024 /PRNewswire/ -- BIT Mining Limited (NYSE: BTCM) ("BIT Mining," "the Company," "we," "us," or "our company"), a leading technology-driven cryptocurrency mining company, today announced that it plans to release its unaudited financial results for the fourth quarter and full year ended December 31, 2023, after the U.S. market close on Friday, February 23, 2024. About BIT Mining Limited BIT Mining (NYSE: BTCM) is a leading technology-driven cryptocurrency mining company with operations ...

Table of Contents Exhibit 99.1 UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS BIT MINING LIMITED As of December 31, 2022 and June 30, 2023 and for the six months ended June 30, 2022 and 2023 Table of Contents BIT MINING LIMITED CONTENTS Pages INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS AS OF DECEMBER 31, 2022 AND JUNE 30, 2023 - UNAUDITED 1 – 2 INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS FOR THE SIX MONTHS E ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ Registration statement pursuant to Section 12(b) or 12(g) of the Securities Exchange Act of 1934 or ☒ Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2022 or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from __________ to __________ or ☐ Shell company ...

Exhibit 99.1 BIT Mining Limited Announces Changes to Board of Directors AKRON, Ohio, April 14, 2023 /PRNewswire/ -- BIT Mining Limited (NYSE: BTCM) ("BIT Mining," "the Company," "we," "us," or "our company"), a leading technology-driven cryptocurrency mining company, today announced the resignation of Ms. Angel Yan Ki Wong from the Company's Board of Directors (the "Board") due to personal reasons, effective April 17, 2023. Ms. Wong has confirmed that she has no disagreement with the Board and there is no o ...