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BIT Mining Reports for March 2025

BIT Mining Limited (NYSE: BTCM), a leader in the technology-driven cryptocurrency mining sector, has released its latest production and operational updates covering the month of March 2025. This announcement highlights the company's efforts in expanding mining operations and facilitating efficient production in the competitive cryptocurrency landscape.

Production Highlights

In March, BIT Mining mined a combined total of 41.55 Bitcoin (BTC). This amount comprised 34.96 BTC produced for hosted clients and an additional 6.59 BTC that was self-mined. Furthermore, the company reported approximately 2,383,708 Dogecoin (DOGE) and 651.6 Litecoin (LTC) mined during the same period. Notably, the average duration to mine a self-mined Bitcoin stood at 5.2 days, with the average cost incurred per Bitcoin at around $65,831.

Infrastructure Developments

BIT Mining is advancing its international mining footprint, particularly focusing on operations in Ohio and Ethiopia. The company's expansion aims to establish scalable and clean energy-powered infrastructures. In Ohio, BIT Mining currently operates with a power capacity of 82.5 MW, which supports both hosted clients and its mining initiatives.

In Ethiopia, the company's new crypto mining site is being constructed, which is anticipated to provide a total site capacity of 51 MW by May 2025. The project is already well underway, evidenced by the successful customs clearance of the first batch of 8,458 air-shipped mining machines, all set to begin operations. Additionally, 8,171 sea-shipped machines have recently reached port and are in the process of customs clearance, emphasizing the rapid growth trajectory of BIT Mining’s operations.

Currently, BIT Mining boasts a portfolio of over 28,000 mining machines distributed across its BTC and LTC/DOGE operations. While some of this fleet is on transit to Ethiopia or undergoing routine maintenance, the company is actively working toward full deployment. The operational hash rate as of now reaches 423 PH/s, with expectations for substantial capacity additions in the near future. Enhanced logistics and repair cycle management will likely lead to improved utilization and operational efficiency, fostering long-term growth prospects.

CEO Insights

Xianfeng Yang, the CEO of BIT Mining, commented on the month’s performance: "Our operational achievements in March reflect our commitment to refining our infrastructure strategy while maintaining cost discipline. Despite stable costs per self-mined BTC at $65,831, we're focused on improving deployment efficiency. Our expansion into clean energy sources in Ethiopia not only represents immediate growth potential but also aligns seamlessly with our long-term vision of sustainable mining practices."

Company Overview

BIT Mining is a prominent player in the cryptocurrency mining sector, specializing in mining, data center operations, and the manufacturing of mining machines. The company is on track to create a vertically integrated ecosystem that encompasses self-mining operations, hosting services, and proprietary mining technology. BIT Mining also possesses unique 7nm BTC chip designs alongside advanced capabilities for LTC/DOGE and ETC miner development.

In summation, BIT Mining’s March 2025 updates underscore its steady progress in fortifying its operational foundation and its commitment to sustainable practices within the evolving landscape of cryptocurrency mining. As the market continues to shift, the company’s strategic initiatives position it favorably for future growth and profitability.