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Seeking Alpha 2021-10-14 21:46:03

BIT Mining stock edges slightly lower after mining pool subsidiary exits China market

Cryptocurrency miner BIT Mining's (NYSE:BTCM) mining pool subsidiary, BTC.com, will exit the mainland China market amid the country's clampdown on tech-related business and crypto mining/transactions. Shares of BTCM slide 0.80% in after-hours trading. To comply with local regulations, BTC.com will cease registering new users from mainland China and experts to start retiring the accounts of existing users starting in Oct. 15, 2021. BTC.com's discontinuation of service to users in China may adversely impact the consolidated financial statements of BTCM, the company said. But BIT Mining (BTCM) believes that its growth in global markets will help offset the loss of business in China. It plans to diversify business expansion efforts and accelerate global development. Previously, (Sep. 22) BIT Mining invests in cryptocurrency mining in Ohio with 51% equity interest.

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