BIT Mining

Ticker: BTCM

Sector: Information Technology Services

BIT Mining

Bitcoin mining stocks experienced a sell-off after weeks of positive sentiment. Some investors may be positioning for the upcoming Bitcoin halving, when the mining reward for mining bitcoin, and mining companies revenue, will be cut in half. JPMorgan analysts Reginald Smith and Charles Pearce said mining stocks in particular should slow down but will “track bitcoin prices over the coming weeks. JPMorgan says it maintains the “stars are aligning for a big year in bitcoin mining. The bank sees any sell-off as a buying opportunity, as the bank says the move is due to increased costs. The majority of the Bitcoin has moved from mining company F2Pool. CleanSpark mined 7,391 bitcoins in 2023, a 60% increase over 2022, while bitcoin holdings grew over 1,200% to 3,002. CleanSparks bitcoin production for FY2023 was up 84%. CleanSpark CEO Zach Bradford discusses the intersection of Bitcoin and energy on this episode of the podcast. 26 - Bitcoin Mining Partnerships and Utility Companies. CleanSpark Breaks Ground on 50 Megawatt Bitcoin Mining Expansion with projected completion in late spring, the $16M expansion will hold up to 16,000 miners. We mined a record 697 bitcoins for the month, up 50% from the prior month. CleanSpark mined 395 bitcoin for the month and mined 13.25 BTC mined per day. CleanSparks computing power has increased by 47% over the last six months. CleanSpark reports second quarter revenue of $41.6 million, net loss of $0.17 million and Adjusted EBITDA of $22.5 million. Company continues to execute its strategic plan and make significant headway. CleanSpark is on a mission to mine Bitcoin in a responsible way utilizing clean energy and at the lowest energy cost possible. The company has acquired 2,597 Antminer S19 bitcoin mining machines, in addition to 2,711 already delivered. HIVE Digital Technologies Ltd. maintained approximately 1% of the global Bitcoin mining network, earning 3,260 Bitcoin for the year. The company also updated on the installation of Bitmain S19k Pro Antminers and the order of 7,000 Bitmain. Antmineers, expecting a total of 5.6. Amanda Fabiano established the bitcoin mining advisory firm, Fabiano Consulting, in 2023. TeraWulf (Nasdaq: WULF) owns and operates vertically integrated, environmentally clean Bitcoin mining facilities.