BIT Mining Provides Business Progress and Operational Update

BIT Mining Limited (NYSE: BTCM) (“BIT Mining” or the “Company”), a leading technology-driven cryptocurrency mining company, today announced its progress in the construction and buildout of its Ohio mining site in North America. In collaboration with its partner, the Company has achieved approximately 50 megawatts (“MW”) of power capacity at the Ohio mining site.

As announced in October 2021, BIT Mining is constructing a data center in Ohio (“Ohio Mining Site”), with a total planned power capacity of up to 150MW. As the data center’s power capacity continues to scale, the Company is not only conducting self-mining operations, but is also hosting third-party miners.

Xianfeng Yang, CEO of BIT Mining, commented,

"Our Ohio Mining Site continues to grow, and we are making progress in its buildout and in securing mining machines, despite ongoing industrywide supply-side constraints. 50MW is our first notable milestone, but this is only the beginning. We intend to reach our goals of extending our footprint and creating strong industry partnerships. As we continue to grow our computing power, we are also focused on creating a technology-driven diversified enterprise, capable of generating revenue along the cryptocurrency value chain."

The Company also announced further operational updates, as of today the Company has:

– 532.8 PH/s theoretical maximum Bitcoin computing power in North America, of which 344.7 PH/s has been deployed. Additional machines are waiting to be tested and deployed.

– 292.7 PH/s theoretical maximum Bitcoin computing power in Kazakhstan,of which 146.8 PH/s has been deployed. Additional machines are waiting to be tested and deployed.

– 4,800.0 GH/s theoretical maximum Ethereum computing power in Hong Kong,of which 4,747.2 GH/s has been deployed. Additional machines are waiting to be tested and deployed.

– Approximately 491.5 PH/s Bitcoin computing power in aggregate with estimated daily production of approximately 2.56 BTC.

– Approximately 4,747.2 GH/s Ethereum computing power in aggregate with estimated daily production of approximately 72.29 ETH.

Mr. Yang concluded,

"We continue to execute on our strategy and have aggressive plans to scale throughout 2022. Our ability to source mining machines and gain access to the best technology has been, and will continue to be the primary driver of our success. We are confident that the continued diversification of our business and integration of new ventures will make us well positioned to drive stakeholders' value."