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BIT Mining Limited Announces Unaudited Financial Results for the Fourth Quarter and Full Year ended December 31, 2024

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AKRON, Ohio, Feb. 28, 2025 /PRNewswire/ — BIT Mining Limited (NYSE: BTCM) (“BIT Mining,” “the Company,” “we,” “us,” or “our company”), a leading technology-driven cryptocurrency mining company, today reported its unaudited financial results for the fourth quarter ended December 31, 2024.

On December 9, 2024, the Company completed the first closing of acquisition of cryptocurrency mining data centers and Bitcoin (“BTC”) mining machines in Ethiopia. After the first closing of acquisition, the Company acquired 51% equity interests in a cryptocurrency mining data center in Ethiopia (the “Ethiopia data center”). The acquisition of the Ethiopia data center represents a development strategy to focus on data center globally and has a major effect on the Company’s results of operations.

Xianfeng Yang, Chief Executive Officer of BIT Mining, commented, “We are pleased to present robust and growth-oriented financial results for the fourth quarter. Throughout this period, we have implemented a range of initiatives to enhance operational efficiency and continuously refine our business structure, all of which have produced favorable outcomes. We successfully completed the first closing of the Ethiopia data center acquisition in December of 2024. The remaining mining facilities under construction are on track to be operational by mid second quarter of 2025, and the mining equipments we have procured will soon be delivered to the site. These advancements are expected to generate stronger, more stable revenue streams moving forward. We are confident in our future trajectory and remain fully committed to pioneering new opportunities that will create lasting value for our shareholders.”

Fourth Quarter 2024 Highlights for Continuing Operations

Revenues were US$8.8 million for the fourth quarter of 2024, representing a decrease of US$1.6 million from US$10.4 million for the fourth quarter of 2023, and an increase of US$4.0 million from US$4.8 million for the third quarter of 2024.Operating loss was US$2.5 million for the fourth quarter of 2024, representing a significant decrease of US$11.8 million from US$14.3 million for the fourth quarter of 2023, and a decrease of US$2.3 million from US$4.8 million for the third quarter of 2024.Non-GAAP operating loss1 was US$2.3 million for the fourth quarter of 2024, compared with non-GAAP operating loss of US$4.0 million for the fourth quarter of 2023, and non-GAAP operating loss of US$4.8 million for the third quarter of 2024.Net loss attributable to BIT Mining was US$2.1 million for the fourth quarter of 2024, compared with net loss attributable to BIT Mining of US$15.5 million for the fourth quarter of 2023, and net loss attributable to BIT Mining of US$4.8 million for the third quarter of 2024.Non-GAAP net loss1 attributable to BIT Mining was US$2.0 million for the fourth quarter of 2024, compared with non-GAAP net loss attributable to BIT Mining of US$4.4 million for the fourth quarter of 2023, and non-GAAP net loss attributable to BIT Mining of US$4.8 million for the third quarter of 2024.Basic and diluted losses per American Depositary Share (“ADS”)2 attributable to BIT Mining Limited including from continuing operations and discontinued operations for the fourth quarter of 2024 were US$0.16.Non-GAAP basic and diluted losses per ADS2 attributable to BIT Mining Limited including from continuing operations and discontinued operations for the fourth quarter of 2024 were US$0.16.

Full Year 2024 Highlights for Continuing Operations

Revenues were US$32.9 million for the full year 2024, compared with revenues of US$43.1 million for the full year 2023.Operating loss was US$7.8 million for the full year 2024, compared with operating loss of US$25.2 million for the full year 2023.Non-GAAP operating loss1 was US$6.6 million for the full year 2024, compared with non-GAAP operating loss of US$14.2 million for the full year 2023.Net loss attributable to BIT Mining was US$6.9 million for the full year 2024, compared with net loss attributable to BIT Mining of US$25.4 million for the full year 2023.Non-GAAP net loss1 attributable to BIT Mining was US$6.1 million for the full year 2024, compared with non-GAAP net loss attributable to BIT Mining of US$13.5 million for the full year 2023.Basic and diluted earnings per ADS2 attributable to BIT Mining Limited including from continuing operations and discontinued operations for the full year 2024 were US$1.03.Non-GAAP basic and diluted earnings per ADS2 attributable to BIT Mining Limited including from continuing operations and discontinued operations for the full year 2024 were US$1.09.

Full Year 2024 Highlights for Discontinued Operations

Net income from discontinued operations, net of applicable income taxes was US$18.9 million for the full year 2024, compared with net loss from discontinued operations, net of applicable income taxes of US$3.3 million for the full year 2023. The year-over-year increase of US$22.2 million was mainly attributable to the gain on disposal of discontinued operations, net of applicable income taxes of US$18.7 million for the full year 2024.

1 Non-GAAP financial measures exclude the impact of share-based compensation expenses, legal contingencies, changes in gain from short-term investments, gain from disposal of long-term investments, impairment of long-term investments and changes in fair value of derivative instruments. Reconciliations of non-GAAP financial measures to U.S. GAAP financial measures are set forth in the table at the end of this release.

2 American Depositary Shares, which are traded on the NYSE. Each ADS represents one hundred Class A ordinary shares of the Company.

Fourth Quarter 2024 Financial Results for Continuing Operations

Revenues

Revenues were mainly comprised of US$5.0 million from the self-mining business and US$3.8 million from the data center business.

Self-mining

As of today, the total hash rate capacity of our DOGE/LTC mining machines in operation is approximately 13,793.00 GH/s. For the three months ended December 31, 2024, we produced 16.1 million DOGE and 4,578 LTC from our DOGE/LTC cryptocurrency mining operations and recognized revenue of approximately US$4.5 million.

Considerable uncertainty persists in the market despite the recent modest recovery and growth in cryptocurrency asset prices. Facing this current environment, we remain determined to improve our quality and efficiency. As of today, the total hash rate capacity of our BTC mining machines in operation is approximately 395.00 PH/s. For the three months ended December 31, 2024, we produced 3.16 BTC from our BTC cryptocurrency mining operations and recognized revenue of approximately US$0.3 million. Cryptocurrency mining revenue from other cryptocurrencies, such as ETC, BEL, JKC, PEP and LKY, totaled approximately US$0.2 million.

Data Center Operation

During the fourth quarter of 2024, our 82.5 megawatt space (the “82.5 Megawatt Space”) at the Ohio Mining Site recognized approximately $3.8 million in service fee revenue, representing an increase of US$2.1 million compared with the third quarter of 2024, which was primarily due to the increase in new customers leading to an increase in electricity consumption.

Overall

Revenues were US$8.8 million for the fourth quarter of 2024, representing a decrease of US$1.6 million, or 15.4%, from US$10.4 million for the fourth quarter of 2023, and an increase of US$4.0 million, or 83.3%, from US$4.8 million for the third quarter of 2024. The year-over-year decrease was mainly attributable to higher computing power of the whole network in the fourth quarter of 2024 compared with the computing power in the fourth quarter of 2023, resulting in an increased difficulty in cryptocurrency mining activities. The sequential increase was mainly attributable to the sharp increase in cryptocurrency prices.

Operating Costs and Expenses

Operating costs and expenses were US$12.9 million for the fourth quarter of 2024, representing a decrease of US$0.8 million, or 5.8%, from US$13.7 million for the fourth quarter of 2023, and an increase of US$3.9 million, or 43.3%, from US$9.0 million for the third quarter of 2024.

Cost of revenue was US$8.5 million for the fourth quarter of 2024, representing a decrease of US$1.3 million, or 13.3%, from US$9.8 million for the fourth quarter of 2023, and an increase of US$2.1 million, or 32.8%, from US$6.4 million for the third quarter of 2024. The year-over-year decrease was mainly attributable to the (i) decrease of US$0.9 million in hosting fee due to the termination of cooperation between us and a third party data center in Texas; and (ii) decrease of US$0.6 million in salary caused by staff turnover and reduced overseas deployment subsidies. The sequential increase was mainly attributable to the increase in electricity consumption caused by the new customers and the depreciation of the newly purchased mining machines in the fourth quarter of 2024. Cost of revenue was comprised of the direct cost of revenue of US$5.8 million and depreciation and amortization expenses of US$2.7 million. The direct cost of revenue mainly included direct costs relating to (i) the cryptocurrency mining business of US$0.1 million, and (ii) the data center business of US$5.7 million.

Sales and marketing expenses were US$0.01 million for the fourth quarter of 2024, compared with US$0.03 million for the fourth quarter of 2023 and US$0.01 million for the third quarter of 2024.

General and administrative expenses were US$4.4 million for the fourth quarter of 2024, representing an increase of US$0.6 million, or 15.8%, from US$3.8 million for the fourth quarter of 2023 and an increase of US$1.9 million, or 76.0%, from US$2.5 million for the third quarter of 2024. The year-over-year increase was mainly due to (i) an increase of US$0.4 million of travel and business entertainment expenses related to the Ethiopia acquisition, and (ii) an increase of USD$0.2 million from audit and audit-related professional service fee. The sequential increase was mainly due to (i) an increase of US$0.3 million in professional service fee related to our at-the-market offering, (ii) an increase of US$0.2 million from share-based payment, (iii) an increase of US$0.3 million from year-end bonuses, and (iv) an increase of US$0.5 million from audit and audit-related fees.

Other Operating Expenses

Other operating expenses were US$0.5 million for the fourth quarter of 2024, representing a sharp decrease of US$11.8 million, or 95.9%, from US$12.3 million for the fourth quarter of 2023 and an increase of US$0.5 million from nil for the third quarter of 2024. The sharp year-over-year decrease was mainly due to (i) a decrease of credit loss provision related to other receivables and prepayment of US$1.9 million and (ii) a decrease of US$10.0 million in legal contingencies accrued for the FCPA investigations. The sequential increase was mainly due to an increase of credit loss provision for prepayment of US$0.5 million.

Net Gain on Disposal of Cryptocurrency Assets

Net gain on disposal of cryptocurrency assets was US$1.5 million for the fourth quarter of 2023, which was mainly due to fluctuating market prices for cryptocurrency assets by using first-in-first-out (“FIFO”) to calculate the cost of disposition. Effective January 1, 2024, the Company adopted ASU 2023-08, which requires cryptocurrency assets to be measured at fair value. Therefore, there was no gain or loss on disposal of cryptocurrency assets for the third and fourth quarter of 2024.

Impairment of Cryptocurrency Assets

Impairment of cryptocurrency assets was US$0.2 million for the fourth quarter of 2023, mainly due to the provisions for impairment of cryptocurrency assets held as a result of fluctuations in cryptocurrency prices. Upon adoption of ASU 2023-08 on January 1, 2024, there was no impairment of cryptocurrency assets for the third and fourth quarter of 2024.

Changes in Fair Value of Cryptocurrency Assets

Changes in fair value of cryptocurrency assets were US$1.8 million for the fourth quarter of 2024, and US$0.6 million for the third quarter of 2024. The difference was due to the remeasurement on the fair value of the cryptocurrency assets held as we adopted ASU 2023-08 on January 1, 2024, while the accounting treatment was different for the fourth quarter of 2023.

Operating Loss from Continuing Operations

Operating loss from continuing operations was US$2.5 million for the fourth quarter of 2024, compared with operating loss from continuing operations of US$14.3 million for the fourth quarter of 2023, and operating loss from continuing operations of US$4.8 million for the third quarter of 2024.

Non-GAAP operating loss from continuing operations was US$2.3 million for the fourth quarter of 2024, compared with non-GAAP operating loss from continuing operations of US$4.0 million for the fourth quarter of 2023, and non-GAAP operating loss from continuing operations of US$4.8 million for the third quarter of 2024. The year-over-year decrease in non-GAAP operating loss from continuing operations was mainly due to the decrease of credit loss provision related to other receivables and prepayment of US$1.9 million. The sequential decrease in non-GAAP operating loss from continuing operations was mainly due to a positive change of US$2.4 million in changes in fair value of cryptocurrency assets.

Net Loss Attributable to BIT Mining Including from Continuing Operations and Discontinued Operations

Net loss attributable to BIT Mining was US$2.1 million for the fourth quarter of 2024, compared with net loss attributable to BIT Mining of US$19.0 million for the fourth quarter of 2023, and net loss attributable to BIT Mining of US$4.8 million for the third quarter of 2024. The year-over-year decrease in net loss attributable to BIT Mining was mainly due to (i) a decrease of credit loss provision related to other receivables and prepayment of US$1.9 million, (ii) a decrease of US$10.0 million in legal contingencies accrued for the FCPA investigations, (iii) a decrease of US$1.4 million in impairment of long-term investments, and (iv) a decrease of US$3.4 million in loss from discontinued operations. The sequential decrease in net loss attributable to BIT Mining was mainly due to a positive change of US$2.4 million in changes in fair value of cryptocurrency assets.

Non-GAAP net loss attributable to BIT Mining was US$2.0 million for the fourth quarter of 2024, compared with non-GAAP net loss attributable to BIT Mining of US$7.8 million for the fourth quarter of 2023, and non-GAAP net loss attributable to BIT Mining of US$4.8 million for the third quarter of 2024. The year-over-year decrease in non-GAAP net loss attributable to BIT Mining was mainly due to (i) a decrease of credit loss provision related to other receivables and prepayment of US$1.9 million and (ii) a decrease of US$3.4 million in loss from discontinued operations. The sequential decrease in non-GAAP net loss attributable to BIT Mining was mainly due to a positive change of US$2.4 million in changes in fair value of cryptocurrency assets.

Cash and Cash Equivalents

As of December 31, 2024, the Company had cash and cash equivalents of US$1.8 million, compared with cash and cash equivalents of US$3.2 million as of December 31, 2023.

Cryptocurrency Assets

As of December 31, 2024, the Company had cryptocurrency assets of US$9.6 million in aggregate, which comprised of 19.06 BTC, 1,246 ETH, 7.6 million DOGE, 0.9 million USDT and various other cryptocurrency assets, which were generated from its cryptocurrency mining business.

About BIT Mining Limited

BIT Mining (NYSE: BTCM) is a leading technology-driven cryptocurrency mining company with operations in cryptocurrency mining, data center operation and mining machine manufacturing. The Company is strategically creating long-term value across the industry with its cryptocurrency ecosystem. Anchored by its cost-efficient data centers that strengthen its profitability with steady cash flow, the Company also conducts self-mining operations that enhance its marketplace resilience by leveraging self-developed and purchased mining machines to seamlessly adapt to dynamic cryptocurrency pricing. The Company also owns 7-nanometer BTC chips and has strong capabilities in the development of LTC/DOGE miners and ETC miners.

Safe Harbor Statements

This news release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will”, “expects”, “anticipates”, “future”, “intends”, “plans”, “believes”, “estimates”, “target”, “going forward”, “outlook” and similar statements. Such statements are based upon management’s current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control, which may cause the Company’s actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.

About Non-GAAP Financial Measures

As a supplement to net loss, we use the non-GAAP financial measure of adjusted net loss which is U.S. GAAP net loss as adjusted to exclude the impact of share-based compensation expenses, legal contingencies, changes in gain from short-term investments, gain from disposal of long-term investments, impairment of long-term investments and changes in fair value of derivative instruments. All adjustments are non-cash and we believe they are not reflective of our general business performance. This non-GAAP financial measure is provided as additional information to help our investors compare business trends among different reporting periods on a consistent basis and to enhance investors’ overall understanding of our current financial performance and prospects for the future. This non-GAAP financial measure should not be considered in addition to or as a substitute for or superior to U.S. GAAP net loss. In addition, our definition of adjusted net loss may be different from the definition of such term used by other companies, and therefore comparability may be limited.

For more information:

BIT Mining Limited
ir@btcm.group
ir.btcm.group
www.btcm.group 

Piacente Financial Communications
Brandi Piacente
Tel: +1 (212) 481-2050
Email: BITMining@thepiacentegroup.com 

 

BIT Mining Limited

Condensed Consolidated Balance Sheets

(Amounts in thousands of U.S. dollars (“US$”), except for number of shares)

(Unaudited)

December 31,
2023

December 31,
2024

ASSETS

Current assets:

Cash and cash equivalents

3,244

1,808

Accounts receivable

2,876

1,913

Prepayments and other current assets

6,298

5,583

Cryptocurrency assets

7,625

9,581

Current assets of discontinued operations

13,813

Total current assets

33,856

18,885

Non-current assets:

Property and equipment, net

22,833

19,780

Intangible assets, net

2,033

7,633

Deposits

2,466

2,462

Long-term investments

4,173

3,775

Right-of-use assets

4,273

2,627

Long-term prepayments and other non-current assets

2,962

27,406

Total non-current assets

38,740

63,683

TOTAL ASSETS

72,596

82,568

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Accounts payable

821

19

Accrued payroll and welfare payable

410

306

Accrued expenses and other current liabilities

14,333

6,958

Operating lease liabilities – current

1,681

1,477

Income tax payable

76

71

Current liabilities of discontinued operations

27,605

Total current liabilities

44,926

8,831

Non-current liabilities:

Other non-current liabilities

776

Operating lease liabilities – non-current

2,538

1,071

Total non-current liabilities

2,538

1,847

TOTAL LIABILITIES

47,464

10,678

Shareholders’ equity:

Class A ordinary shares, par value US$0.00005 per share; 1,599,935,000 shares
authorized as of December 31, 2023 and December 31, 2024; 1,111,232,210 and
1,595,399,890 shares issued and outstanding as of December 31, 2023 and
December 31, 2024, respectively

54

78

Class A preference shares, par value US$0.00005 per share; 65,000 shares
authorized as of December 31, 2023 and December 31, 2024; 65,000 shares
issued and outstanding as of December 31, 2023 and December 31, 2024

Class B ordinary shares, par value US$0.00005 per share; 400,000,000 shares
authorized as of December 31, 2023 and December 31, 2024; 99 shares issued
and outstanding as of December 31, 2023 and December 31, 2024

Additional paid-in capital

621,837

640,723

Treasury shares

(21,604)

(21,604)

Accumulated deficit and statutory reserve

(570,879)

(557,915)

Accumulated other comprehensive loss

(4,276)

(4,394)

Total BIT Mining Limited shareholders’ equity

25,132

56,888

Non-controlling interests

15,002

Total shareholders’ equity

25,132

71,890

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

72,596

82,568

 

 

BIT Mining Limited

Condensed Consolidated Statements of Comprehensive (Loss) Income

(Amounts in thousands of U.S. dollars (“US$”),

 except for number of shares, per share (or ADS) data)

(Unaudited)

Three Months Ended

Twelve Months Ended

December 31,
2023

September 30,
2024

December 31,
2024

December 31,
2023

December 31,
2024

Revenues

10,407

4,770

8,793

43,101

32,922

Operating costs and expenses:

Cost of revenue

(9,843)

(6,448)

(8,506)

(40,055)

(29,938)

Sales and marketing expenses

(31)

(16)

(16)

(153)

(54)

General and administrative
expenses

(3,820)

(2,513)

(4,375)

(18,465)

(13,609)

Service development expenses

(874)

(69)

Total operating costs and expenses

(13,694)

(8,977)

(12,897)

(59,547)

(43,670)

Other operating income

46

11

196

180

214

Other operating expenses

(12,345)

(2)

(481)

(13,642)

(536)

Net gain on disposal of
cryptocurrency assets

1,531

7,074

Impairment of cryptocurrency
assets

(242)

(2,359)

Changes in fair value of
cryptocurrency assets

(601)

1,830

3,203

Changes in fair value of
payables settled by
cryptocurrency assets

37

37

Operating loss from continuing
operations

(14,297)

(4,799)

(2,522)

(25,193)

(7,830)

Other income (expense), net

289

(21)

253

691

370

Interest income

1

242

2

Loss from equity method
investments

(620)

(153)

(295)

(20)

Impairment of long-term
investments

(1,408)

(1,408)

Gain from disposal of long-term
investments

614

Gain from short-term
investments

55

210

Changes in fair value of
derivative instruments

498

69

85

(35)

257

Loss before income tax from
continuing operations

(15,538)

(4,750)

(2,282)

(25,384)

(7,011)

Income tax benefits

Net loss from continuing
operations

(15,538)

(4,750)

(2,282)

(25,384)

(7,011)

(Loss) income from discontinued
operations, net of applicable
income taxes

(3,416)

(3,326)

240

Gain on disposal of
discontinued operations, net of
applicable income taxes

18,687

Net (loss) income from
discontinued operations, net of
applicable income taxes

(3,416)

(3,326)

18,927

Net (loss) income

(18,954)

(4,750)

(2,282)

(28,710)

11,916

Less: Net loss attributable to the
non-controlling interests

(155)

(155)

Net (loss) income attributable
to BIT Mining Limited

(18,954)

(4,750)

(2,127)

(28,710)

12,071

Other comprehensive income
(loss):

Foreign currency translation
gain (loss)

168

140

(143)

(316)

(118)

Other comprehensive income
(loss), net of tax

168

140

(143)

(316)

(118)

Comprehensive (loss) income

(18,786)

(4,610)

(2,425)

(29,026)

11,798

Less: comprehensive loss
attributable to non-controlling
interests

(155)

(155)

Comprehensive (loss) income
attributable to BIT Mining
Limited

(18,786)

(4,610)

(2,270)

(29,026)

11,953

Weighted average number of
Class A and Class B ordinary
shares outstanding:

Basic

1,111,232,309

1,154,341,490

1,293,350,917

1,102,373,814

1,171,663,331

Diluted

1,111,232,309

1,154,341,490

1,293,350,917

1,102,373,814

1,171,663,331

(Losses) earnings per share
attributable to BIT Mining
Limited-Basic and Diluted

Net loss from continuing
operations

(0.02)

(0.00)

(0.00)

(0.03)

(0.01)

Net (loss) income from
discontinued operations

(0.00)

0.00

0.00

(0.00)

0.02

Net (loss) income

(0.02)

(0.00)

(0.00)

(0.03)

0.01

(Losses) earnings per ADS*
attributable to BIT Mining
Limited-Basic and Diluted

Net loss from continuing
operations

(1.40)

(0.41)

(0.16)

(2.30)

(0.59)

Net (loss) income from
discontinued operations

(0.31)

0.00

0.00

(0.30)

1.62

Net (loss) income

(1.71)

(0.41)

(0.16)

(2.60)

1.03

* American Depositary Shares, which are traded on the NYSE. Each ADS represents 100 Class A ordinary shares of the Company.

 

 

BIT Mining Limited

Reconciliation of non-GAAP results of operations measures to the nearest comparable GAAP measures

(Amounts in thousands of U.S. dollars (“US$”),

except for number of shares, per share (or ADS) data)

(Unaudited)

Three Months Ended

Twelve Months Ended

December 31,
2023

September 30,
2024

December 31,
2024

December 31,
2023

December 31,
2024

Operating loss from continuing
operations

(14,297)

(4,799)

(2,522)

(25,193)

(7,830)

Adjustment for share-based
compensation expenses

276

219

1,030

1,214

Adjustment for legal
contingencies

10,000

10,000

Adjusted operating loss (non-
GAAP) from continuing
operations

(4,021)

(4,799)

(2,303)

(14,163)

(6,616)

Net (loss) income attributable
to BIT Mining Limited

(18,954)

(4,750)

(2,127)

(28,710)

12,071

Net (loss) income attributable to
BIT Mining Limited from
discontinued operations

(3,416)

(3,326)

18,927

Net loss attributable to BIT
Mining Limited from
continuing operations

(15,538)

(4,750)

(2,127)

(25,384)

(6,856)

Adjustment for share-based
compensation expenses

276

219

1,030

1,214

Adjustment for legal
contingencies

10,000

10,000

Adjustment for gain from
disposal of long-term
investments

(614)

Adjustment for impairment of
long-term investments

1,408

1,408

Adjustment for changes in fair
value of derivative instruments

(498)

(69)

(85)

35

(257)

Adjustment for changes in gain
from short-term investments

(55)

(210)

Adjusted net loss attributable
to BIT Mining Limited (non-
GAAP) from continuing
operations

(4,352)

(4,819)

(2,048)

(13,525)

(6,109)

Net (loss) income from
discontinued operations, net of
applicable income taxes

(3,416)

(3,326)

18,927

Adjusted net (loss) income
attributable to BIT Mining
Limited from discontinued
operations (non-GAAP)

(3,416)

(3,326)

18,927

Adjusted net (loss) income
attributable to BIT Mining
Limited (non-GAAP)

(7,768)

(4,819)

(2,048)

(16,851)

12,818

Weighted average number
of Class A and Class B
ordinary shares outstanding:

Basic

1,111,232,309

1,154,341,490

1,293,350,917

1,102,373,814

1,171,663,331

Diluted

1,111,232,309

1,154,341,490

1,293,350,917

1,102,373,814

1,171,663,331

(Losses) earnings per share
attributable to BIT Mining
Limited (non-GAAP)-Basic and
Diluted

Adjusted net loss from
continuing operations (non-
GAAP)

(0.01)

(0.00)

(0.00)

(0.01)

(0.01)

Adjusted net (loss) income
from discontinued operations
(non-GAAP)

(0.00)

0.00

0.00

(0.00)

0.02

Adjusted net (loss) income
(non-GAAP)

(0.01)

(0.00)

(0.00)

(0.01)

0.01

(Losses) earnings per ADS*
attributable to BIT Mining
Limited (non-GAAP)-Basic and
Diluted

Adjusted net loss from
continuing operations (non-
GAAP)

(0.39)

(0.42)

(0.16)

(1.23)

(0.53)

Adjusted net (loss) income
from discontinued operations
(non-GAAP)

(0.31)

0.00

0.00

(0.30)

1.62

Adjusted net loss (non-GAAP)

(0.70)

(0.42)

(0.16)

(1.53)

1.09

* American Depositary Shares, which are traded on the NYSE. Each ADS represents 100 Class A ordinary shares of the Company.

 

 

 

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SOURCE BIT Mining Limited

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Global Times: Head-of-state diplomacy shines at WAIC, fostering ties and advancing global governance consensus

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BEIJING, July 17, 2026 /PRNewswire/ — Chinese President Xi Jinping on Friday held a series of high-level meetings on the sidelines of the 2026 World Artificial Intelligence Conference (WAIC) and High-Level Meeting on Global AI Governance in Shanghai, sitting down successively with Thai Prime Minister Anutin Charnvirakul, Cambodian Prime Minister Hun Manet, and UN Secretary-General António Guterres. The bustling diplomatic activity transformed the WAIC from a premier showcase of AI technologies and industrial breakthroughs into a vibrant platform for head-of-state diplomacy and global governance coordination.

Analysts said hosting intensive head-of-state diplomatic events in Shanghai, a core hub of reform, opening-up and technological innovation, carries profound meaning. In addition, Friday’s high-level meetings embody the innovative model of “technology builds the stage while diplomacy takes the leading role.” It not only deepens China’s bilateral relations with ASEAN members, but also helps advance inclusive global AI governance centered on the UN mechanism.

Strategic guidance

According to the two separate official releases by Xinhua, during his meetings with the prime ministers of Thailand and Cambodia, President Xi spoke of the long-standing friendship China shares with both nations. He called on China and Thailand, as well as China and Cambodia, to join hands to advance the development of their respective communities with a shared future.

Furthermore, the Chinese leader stressed the need for China to expand pragmatic cooperation with Thailand and Cambodia respectively across traditional and emerging sectors, and work with each country to jointly crack down on cross-border crimes such as online gambling and telecom fraud, according to Xinhua.

He called for the proper handling of border frictions between Thailand and Cambodia and called on the two sides to resolve disputes through dialogue and consultation, with China standing ready to continue playing a constructive role in this regard, per Xinhua.

During their respective meetings with the Chinese leader, the prime ministers of Thailand and Cambodia both expressed willingness to deepen multi-field cooperation with China and spoke highly of China’s positive efforts to facilitate the peaceful settlement of the Thailand-Cambodia border conflicts.

Xu Liping, Director of the Center for Southeast Asian Studies at the Chinese Academy of Social Sciences, told the Global Times that head-of-state diplomacy has charted the fundamental course for the advancement of China’s ties with both Cambodia and Thailand.

WAIC exemplifies the innovative model of “technology builds the platform, while diplomacy takes the leading role,” said Xu, “In addition, AI cooperation is also expected to serve as a vital entry point to further deepen and substantiate China’s ties with Thailand and Cambodia going forward.”

Furthermore, addressing the sensitive and thorny Thailand-Cambodia border dispute amid the relatively relaxed atmosphere of a tech summit enables all relevant parties to handle differences in a rational and pragmatic manner, which embodies Eastern wisdom and an Asian approach to resolving issues, said Xu.

The year 2026 marks the fifth anniversary of the establishment of the China-ASEAN comprehensive strategic partnership, witnessing the official rollout of the new Plan of Action on the China-ASEAN Comprehensive Strategic Partnership (2026-2030). It also kicks off the implementation of China’s 15th Five-Year Plan.

The critical juncture offers a perfect window to align China’s development plans closely with the national development strategies of Global South countries and ASEAN members, said Xu. “Thailand and Cambodia’s willingness to ramp up cooperation with China mirrors the aspiration of the majority of ASEAN members to leverage China’s development dividends and pursue win-win outcomes and common prosperity in the region.”

Firm support for UN

In his meeting with UN Secretary-General Antonio Guterres on Friday, Xi reiterated China’s firm support for the UN.

Noting that this year marks the 55th anniversary of the restoration of the lawful seat of the People’s Republic of China at the UN, the Chinese leader said China has since been committed to building world peace, contributing to global development, defending international order, and firmly supporting the UN, Xinhua reported.

Xi added that he proposed the vision of building a community with a shared future for humanity and the four global initiatives with one important consideration in mind – to uphold the status and authority of the UN.

Currently, the international landscape is marked by more pronounced changes and turbulence, making it all the more necessary to practice true multilateralism and reinvigorate the status and role of the UN, he said.

Guterres commended China for its steadfast support for multilateralism, the cause of the UN, and international cooperation, saying that China has set an example for the world.

Guterres said the UN will continue to strengthen cooperation with China, oppose unilateralism, protectionism, and hegemonic bullying, safeguard the UN Charter and international law, as well as advance the process toward a multipolar world.

At this pivotal juncture where talks on AI development and UN multilateral governance converge, China, leveraging head-of-state diplomacy as a top-tier platform, has elaborated in a systematic manner its vision for global governance in the AI era, Wang Yiwei, a professor at the School of International Studies, Renmin University of China, told the Global Times.

He added that China’s emphasis on the UN-centered global governance architecture will further strengthen the UN’s authority and operational capacity.

Before the official opening of the WAIC, on Thursday, representatives from 29 countries, including Kazakhstan, Laos, Pakistan, Russia and Indonesia, signed an agreement on establishing the World Artificial Intelligence Cooperation Organization (WAICO) in Shanghai. UN chief Guterres was among representatives from countries and international organizations present at the signing ceremony.

According to the agreement, WAICO will be an independent intergovernmental international organization, which aims to promote international cooperation and global governance on AI, ensuring that AI is beneficial, safe and fair, thereby promoting its healthy and orderly development to benefit all humanity.

President Xi on Friday also announced that in the next five years, China will provide developing countries with 5,000 opportunities in AI training and seminar programs. China will also develop international AI application cooperation centers with the ASEAN, the League of Arab States, the African Union, the Community of Latin American and Caribbean States, the Shanghai Cooperation Organization, and BRICS.

However, some international media, including Reuters and Nikkei, used the term “AI diplomacy” describing the grand gathering in Shanghai, claiming that Beijing seeks a new global AI order, challenging US dominance.

In rebuttal, Wang pointed out that China advocates open, inclusive technology that lets AI benefit all humanity under the vision of “AI for All”. In contrast, the US adheres to a mindset of “All for AI”, weaponizing AI for geopolitical rivalry and aiming to outpace China in technological competition. Driven by the “America First” doctrine and capital-centric priorities, Washington’s approach forms a sharp contrast with China’s.

Meanwhile, China’s resolute commitment to upholding the UN system underscores that for China and a wide array of Global South countries, the sensible path lies in reforming and improving the existing global governance architecture rather than discarding it to build parallel institutions from scratch, the expert added.

This article first appeared on Global Times

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SOURCE Global Times

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Global Times: China sends fresh signal on global AI cooperation at WAIC

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BEIJING, July 17, 2026 /PRNewswire/ — “AI development should not be a solo performance by a single country, but a symphony of international cooperation,” Chinese President Xi Jinping said on Friday while addressing the opening ceremony of the 2026 World AI Conference (WAIC) and High-Level Meeting on Global AI Governance, stressing that China is ready to be more open, take more practical actions, and assume a more visionary perspective.

We are ready to work with all parties to seize the opportunities of AI development and meet the challenges, and join hands to create a brighter future for humanity, he added.

Xi’s remarks received positive responses from domestic and foreign enterprises and experts, as they spoke highly of China’s scientific and technological achievements in recent years while noting that China’s commitment to openness and cooperation can help ensure that the benefits of AI are shared by all humanity and Chinese solutions in AI governance enable other countries to better tackle the common challenges brought about by AI development.

Openness and win-win cooperation

Xi presented four observations on AI development and governance in the speech. The Chinese leader called for adhering to the principle of openness and win-win cooperation while boosting innovation-driven development. He highlighted the importance of encouraging open-source, openness, collaboration and sharing to facilitate technological innovation, industrial development and scenario-based application of AI.

He also called for strengthening risk-awareness and ensuring that AI is secure and controllable.  Stressing the need to ensure that AI is always under human control, Xi urged all sides to jointly oppose overstretching the national security concept in the field of AI or placing one country’s security over that of others.

Third, he called for encouraging inclusiveness and promoting mutual learning among civilizations.

Fourth, he called for advocating solidarity and improving global governance. The important role of the United Nations should be recognized, Xi said, calling for further alignment and coordination on AI development strategies, governance rules and technical standards.

“We must carry out extensive international cooperation and help Global South countries with capacity building to bridge the AI and digital divides, promote sustainable development and prevent creating new historical injustice in AI,” he said.

In the next five years, China will provide developing countries with 5,000 opportunities in AI training and seminar programs, Xi said. He said China will develop international AI application cooperation centers with the Association of Southeast Asian Nations, the League of Arab States, the African Union, the Community of Latin American and Caribbean States, the Shanghai Cooperation Organization, and BRICS. China will enable 30 countries to use the AI-powered meteorological warning system, or MAZU, to safeguard homes around the world.

“President Xi’s remarks underscore China’s commitment to advancing global AI governance and technological innovation through opening-up and win-win cooperation, bringing new opportunities for sharing AI dividends and achieving shared prosperity to countries worldwide, especially developing countries,” Song Yang, professor of School of Economics and research fellow at the National Academy of Development and Strategy at Renmin University of China, told the Global Times on Friday.

China is sending a clear and important message: AI should become a bridge between countries, not a new dividing line, Luigi Gambardella, president of the Brussels-based international digital association ChinaEU, told the Global Times on Friday on the sidelines of the forum.

“No country, however technologically advanced, can develop and govern AI alone. China’s commitment to openness and cooperation can help ensure that the benefits of AI are shared by all humanity. It can help prevent the fragmentation of technologies, standards and markets, while ensuring that the opportunities created by AI are shared more widely,” Gambardella said.

“President Xi proposed ‘adhering to the principle of openness and win-win cooperation’ and ‘advocating solidarity’, and announced a series of pragmatic measures to support global AI development. These remarks have deeply inspired me and further strengthened my confidence in promoting the inclusive development of AI through opening-up and cooperation,” Xu Li, chairman and CEO of Shanghai-based AI software company SenseTime, told the Global Times on Friday.

Looking ahead, SenseTime aims to bring more field-tested technologies, products, and talent cultivation expertise to more countries and regions, and boost “China innovation” to deliver sustained value across a wider spectrum of industrial scenarios, thereby enabling AI to better benefit all of humanity, Xu said.

China actively supports strengthening global cooperation on AI governance, advocates multilateralism, and promotes the establishment of a global governance framework, which has received positive responses from many Global South countries.

Twenty-nine countries on Thursday signed an agreement in Shanghai on establishing the World Artificial Intelligence Cooperation Organization (WAICO). As an independent intergovernmental international organization headquartered in Shanghai, WAICO will uphold the purposes of the UN Charter, be committed to extensive consultation and joint contribution for shared benefit and adhere to a people-centered approach, according to the agreement, per Xinhua.

Global spotlight on WAIC

Since its inception in 2018, the WAIC has successfully convened for eight consecutive editions, becoming an important window for showcasing cutting-edge AI technologies from China and around the world while deepening international opening-up and cooperation.

Themed “AI Partnership for a Brighter Future”, the exhibition area exceeds 100,000 square meters for the first time this year, attracting the participation of over 1,100 enterprises. The exhibitors are showcasing more than 3,000 products and technologies, with over 300 products making their global debuts.

Among the exhibition highlights are Huawei’s latest AI computing super node system Atlas 950, MiniMax M3 multimodal foundation model, and the world’s first agentic AI phone, alongside a range of humanoid robots and AI-powered dexterous hands.

A German BMW representative, who attended WAIC for the first time, expressed enthusiasm about the event, highlighting the humanoid robotics showcased in the exhibition area – technologies he said he has never encountered before.

The representative told the Global Times that his company has adopted Chinese AI-powered large language models such as Qwen and DeepSeek. “The new updated versions of these models emerge weekly, which is very impressive,” the representative said, speaking highly of the cost efficiency of Chinese models.

However, some Western media outlets keep smearing China’s AI advancements and international cooperation. The Economist even claims that China’s open-source AI is a “trap” and that embracing China is “risky.”

Debunking this groundless smearing, Song said that China’s AI development has consistently adhered to the philosophy of a people-centered approach and AI for good, accumulating a wealth of vivid, replicable, and scalable experiences.

At the opening ceremony of the WAIC, the China Meteorological Administration unveiled the MAZU-FengYun Satellite AI Box. The launch marks a new stage in MAZU’s intelligent early-warning initiative, which was unveiled last year, shifting from providing shared meteorological products to delivering AI-enabled forecasting capabilities, according to the administration.

“Over the past year, meteorological and disaster reduction agencies from more than 40 countries have accessed the MAZU early warning technologies and products via cloud platforms. Customized versions of the tool have been deployed in Nigeria, Djibouti, Pakistan, and other nations, earning widespread recognition from users,” You Yang, a staff member with the Shanghai Meteorological Bureau, told the Global Times on Friday.

“From base models to industry-specific applications, China is opening up its low-cost, replicable technological pathways to the world, thereby lowering the threshold for underdeveloped nations to enter the AI era. Meanwhile, China actively helps developing countries address gaps in technology, talent, and governance capabilities to bridge the digital divide in the age of intelligence,” Song said.

According to a March report from Hugging Face, one of the world’s largest AI open-source communities, China has surpassed the US in monthly downloads and overall downloads. In the past year, Chinese models quickly accounted for the plurality or 41 percent of downloads.

“China possesses three unique institutional advantages in promoting AI for good and inclusive development: First, the new system for nationwide mobilization of resources coordinates development and security, achieving synergistic progress in key technological breakthroughs and rule-making. Second, a people-centered approach ensures that technological advancement benefits the people. Third, a multi-stakeholder agile and collaborative governance model links governments, universities, research institutions, enterprises, and social organizations to explore the synergy between rules and technology, providing China’s experience to the world,” Zeng Yi, a member of the UN Advisory Body on AI, told the Global Times on Friday.

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SOURCE Global Times

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Ecopetrol Reports Cybersecurity Incident

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BOGOTA, Colombia, July 17, 2026 /PRNewswire/ — Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) (the “Company”) announced that it has identified an unauthorized access to certain digital resources owned by the Company and its subsidiaries by an external actor who has not been identified, as well as an attempted ransomware attack that was blocked by the cybersecurity controls implemented across the Company and its subsidiaries. The unauthorized access affected cloud-based file storage environments of approximately 15 subsidiaries (including the Company), resulting in the unauthorized download of data associated with approximately 3,300 user accounts. The external actor communicated extortion demands, threatening to publicly disclose the information that had been unlawfully extracted.

In response to this incident, the Company initiated an investigation and activated its incident response and management protocols. In addition, the Company deployed the following measures aimed at preventing the public disclosure of the unlawfully extracted information, addressing supervisory actions and/or potential financial costs associated with investigation, remediation, and regulatory compliance, as follows:

a. Immediate revocation of unauthorized access to the compromised digital assets.
b. Blocking of mechanisms associated with the mass download of information.
c. Identification, analysis, and containment of the tactics, techniques, and procedures (TTPs) used by the malicious actor.
d. Filing of a criminal complaint before the Office of the Attorney General of Colombia and deployment of cooperation activities with specialized national authorities.
e. Identification of external infrastructures used for the storage or download of information to pursue restriction or blocking actions.
f. Activation of support mechanisms with insurers and specialized capital markets teams to ensure the proper management of the event.
g. Detailed assessment of the downloaded information and determination of its criticality.
h. Enhanced monitoring of the technology infrastructure under critical alert protocols and continuous validation of preventive and detective controls.

As of the date of this report, the Company has not identified any material disruption to its critical operations, production capacity, or essential services; any direct financial impact that would prevent it from continuing to conduct its business activities; or any disclosure of the information subject to the unauthorized access. However, the Company continues to assess the potential exposure of corporate information, which could include confidential, restricted, proprietary, or personal data, as it cannot guarantee that this incident will not have a material adverse effect on the Company’s business, reputation, operating results, or financial condition.

Ecopetrol S.A. will continue to monitor developments related to this matter and, should any material facts or information requiring disclosure to the market be identified, will promptly disclose such information in accordance with applicable laws and regulations.

Ecopetrol is the largest company in Colombia and one of the main integrated energy companies in the American continent, with more than 19,000 employees. In Colombia, it is responsible for more than 60% of the hydrocarbon production of most transportation, logistics, and hydrocarbon refining systems, and it holds leading positions in the petrochemicals and gas distribution segments. With the acquisition of 51.4% of ISA’s shares, the company participates in energy transmission, the management of real-time systems (XM), and the Barranquilla – Cartagena coastal highway concession. At the international level, Ecopetrol has a stake in strategic basins in the American continent, with Drilling and Exploration operations in the United States (Permian basin and the Gulf of Mexico), Brazil, and Mexico, and, through ISA and its subsidiaries, Ecopetrol holds leading positions in the power transmission business in Brazil, Chile, Peru, and Bolivia, road concessions in Chile, and the telecommunications sector. 

This release contains statements that may be considered forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. All forward-looking statements, whether made in this release or in future filings or press releases, or orally, address matters that involve risks and uncertainties, including in respect of the Company’s prospects for growth and its ongoing access to capital to fund the Company’s business plan, among others. Consequently, changes in the following factors, among others, could cause actual results to differ materially from those included in the forward-looking statements: market prices of oil & gas, our exploration, and production activities, market conditions, applicable regulations, the exchange rate, the Company’s competitiveness and the performance of Colombia’s economy and industry, to mention a few. We do not intend and do not assume any obligation to update these forward-looking statements.

For more information, please contact:

Investor Relations Office
Email: investors@ecopetrol.com.co  

Head of Corporate Communications (Colombia) 
Marcela Ulloa 
Email: marcela.ulloa@ecopetrol.com.co 

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SOURCE Ecopetrol S.A.

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