BIT Mining Limited (NYSE: BTCM), a leading technology-driven cryptocurrency mining company, today announced that its mining pool subsidiary, BTC.com will exit the mainland China market. To comply with local regulations, BTC.com will cease registering new users from mainland China and expects to start retiring the accounts of existing users in mainland China in an orderly manner starting today.
BTC.com's discontinuation of service to users in mainland China may adversely impact the consolidated financial statements of the Company. However, the Company believes that its growth in global markets will help offset the loss of business in mainland China . Going forward, the Company plans to intensify its business expansion efforts and accelerate its global development.
BIT is a leading technology-driven cryptocurrency mining company, with a long-term strategy to create value across the cryptocurrency industry. Its business covers cryptocurrency mining, mining pool, and data center operation.
The Company owns the blockchain browser BTC.com and the comprehensive mining pool business operated under BTC.com, providing multi-currency mining services including BTC, BCH, ETH and LTC.
The Company has also entered into a definitive agreement to acquire a 7-nanometer cryptocurrency mining machine manufacturer, Bee Computing, to complete the Company's vertical integration with its supply chain, increase its self-sufficiency and strengthen its competitive position.
BTCM shares acquired 64 cents, or 6.9%, to $9.94.
