BIT Mining Clocks 40% Sequential Revenue Decline In Q1 - BIT Mining (NYSE:BTCM)

BIT Mining Ltd BTCM reported a first-quarter FY22 revenue decline of 40.4% Q/Q to $296.7 million.
BTCM reported a sharp increase of $294.1 million from $2.6 million in revenue in 1Q21. Revenues during 1Q22 primarily consisted of $272.3 million in revenue contribution from the mining pool business.
The online total hash rate capacity of the company’s Ethereum mining machines is about 4,452.7GH/s as of May 27, 2022.
For 1Q22, BIT Mining produced 5,420 Ethereum from its cryptocurrency mining operations with a revenue of about $16 million.
The online total hash rate capacity of Bitcoin mining machines is approximately 246.1PH/s as of May 27, 2022.
For 1Q22, BIT Mining produced 166 Bitcoins from Bitcoin cryptocurrency mining operations with a revenue of $6.9 million.
General and administrative expenses were $6.8 million versus $2.5 million last year.
The operating loss for the quarter narrowed to $(4.3) million from a loss of $(17.1) million the previous quarter.
The company held $21 million in cash and equivalents as of March 31, 2022. It held cryptocurrency assets of $34.8 million.
Non-GAAP earnings per ADS for the quarter were $0.02.
Price Action: BTCM shares are trading higher by 3.11% at $1.83 on the last check Friday.
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