BIT Mining Reports Increased Cryptocurrency Production in February
BIT Mining Limited, a prominent player in technology-driven cryptocurrency mining, has released its operational and production updates for February 2025. The company, with a current market valuation of $29.83 million, reported the production of 42.56 Bitcoin (BTC) during the month. Of this, 36.854 BTC were mined for hosted customers, while 5.708 BTC were self-mined. Additionally, BIT Mining produced 2,013,292.9 Dogecoin (DOGE) and 556.7 Litecoin (LTC).
The company achieved a total exahash capacity of 2,588 PH/s in February, with an average of 4.5 days required to mine one Bitcoin. The cost per mined BTC was reported at $60,960. Despite a gross profit margin of 9.06%, which remains under pressure, BIT Mining's liquidity ratio of 2.14 indicates strong financial stability to support its operations. The company's stock is currently trading near its 52-week low, presenting a potential investment opportunity for those interested in the crypto-mining sector, according to InvestingPro analysis.
"Our proprietary mining machines have significantly enhanced efficiency and reduced costs, contributing to our profitability," said Xianfeng Yang, CEO of BIT Mining. He also highlighted the diversification of revenue streams through Litecoin and Dogecoin mining.
BIT Mining also provided updates on its infrastructure development, including the near-completion of acquiring a data center in Ethiopia. The first phase of this project was completed by the end of 2024, and the new facility is expected to further improve the company's operational results. The company continues to focus on building a robust cryptocurrency ecosystem, which includes cost-efficient data centers and proprietary mining operations. Its development of 7-nanometer BTC chips underscores its strategic position in the digital asset mining landscape.
| Cryptocurrency | Production (February 2025) |
|---|---|
| Bitcoin (BTC) | 42.56 BTC |
| Dogecoin (DOGE) | 2,013,292.9 DOGE |
| Litecoin (LTC) | 556.7 LTC |
In addition, BIT Mining held its annual general meeting at its headquarters in Akron, Ohio. Shareholders approved the company's financial reports and re-elected the existing board of directors, reaffirming the current leadership's strategies and direction. Independent auditors were also appointed for the upcoming fiscal year, ensuring continued financial oversight. CEO Xianfeng Yang emphasized the company's commitment to enhancing shareholder value and maintaining transparency in its operations. He also stressed the importance of adapting to the evolving cryptocurrency market and adhering to regulatory standards.
The company remains headquartered in Akron, Ohio, with no reported changes to its contact information. BIT Mining's recent 6-K filing with the SEC, part of its F-3 registration statement, highlights its ongoing communication with regulators and investors, further solidifying its position in the market.
Key Takeaways:
- BIT Mining produced 42.56 BTC, 2,013,292.9 DOGE, and 556.7 LTC in February 2025.
- The cost per mined Bitcoin was $60,960, with an average mining time of 4.5 days per BTC.
- The company is expanding its infrastructure with a new data center in Ethiopia.
- BIT Mining's stock is trading near its 52-week low, presenting potential investment opportunities.
- Shareholders reaffirmed the company's leadership and financial strategies during the annual general meeting.
Sources:
