BIT Mining agrees to sell mining pool business for total consideration of $5M

BIT Mining announced that it has agreed to sell its entire mining pool business operated under BTC.com to Esport – Win Limited, a Hong Kong limited liability company, for a total consideration of $5 million. The sale of the Business is expected to result in an increase of approximately $16 million in the total shareholders’ equity of BIT Mining, since the Business has approximately $11 million in cryptocurrency net liability. The sale does not include or affect any of BIT Mining’s other businesses. The sale of the Business is subject to certain closing conditions and applicable regulatory approvals and is expected to close upon satisfaction of the closing conditions. Xianfeng Yang, Chief Executive Officer of BIT Mining, commented, “By selling the loss-making mining pool business, we will be more resilient with our core resources focused on advancing the research and development of our existing businesses. Meanwhile, the cash proceeds from the transaction and our company’s enhanced profitability outlook will further strengthen our position to explore new areas with greater potential and room for future expansion. Moving forward, we will strive to unlock considerable synergistic potential across our existing business segments, propelling our company’s technology-driven growth and creating long-term value for our shareholders.”