AKRON, Ohio - BIT Mining Limited (NYSE: BTCM), a global cryptocurrency mining company, announced its unaudited financial results for the fourth quarter and full year ended December 31, 2023. The company reported a year-over-year increase in fourth-quarter revenues to $10.4 million, up from $7.2 million in the same period of 2022. However, this figure represents a decrease from the $11.6 million reported in the third quarter of 2023.
The company's operating loss for the fourth quarter was $1.6 million, a substantial reduction from the $38.3 million loss in the fourth quarter of 2022. The net loss attributable to BIT Mining for the fourth quarter was $0.8 million, a significant improvement over the $40.0 million net loss in the same quarter of the previous year.
For the full year of 2023, BIT Mining's revenues totaled $43.1 million, a decrease from $57.0 million in 2022. The operating loss for the year was $12.9 million, compared to an operating loss of $88.1 million for the previous year. The company also reported a net loss attributable to BIT Mining of $11.1 million for 2023, an improvement from the net loss of $74.8 million in 2022.
The company's financial results have been influenced by the disposal of its mining pool business for $5 million to Esport "Win Limited on December 28, 2023. This strategic shift has led to the reclassification of the mining pool business segment as discontinued operations in the company's consolidated financial statements.
BIT Mining's revenues for the fourth quarter were primarily derived from its self-mining business, which generated $3.6 million, and its data center operation, which recognized $5.7 million in service fee revenue. The company cited market uncertainty despite a modest recovery in cryptocurrency asset prices.
The company also experienced a decrease in service fee revenue due to a customer's direct arrangement with a utility service provider, leading to reduced fees for BIT Mining during the fourth quarter.
The results are based on a press release statement from BIT Mining Limited. The company continues to focus on its cryptocurrency mining and data center operations, adapting to market conditions and aiming to improve efficiency and quality in a challenging environment.
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