In a significant update for the global crypto mining sector, Bit Mining Limited released its fourth-quarter 2021 financial report on February 17, revealing strategic shifts in asset allocation and international operations. The company reported quarterly revenue of approximately $495.8 million, driven largely by its acquired mining pool business. However, two key developments stand out: the sale of over 500 Bitcoin and the termination of its Kazakhstan data center construction project.
This report offers a comprehensive look at Bit Mining’s evolving strategy amid regulatory pressures and shifting market dynamics — and what it means for the future of large-scale cryptocurrency mining operations.
Strong Revenue Growth Amid Market Shifts
Bit Mining’s Q4 2021 revenue reached $495.8 million**, a 26.13% increase from $393.1 million in Q3 2021 and a dramatic rise from just $800,000 in Q4 2020. This surge was primarily fueled by the **$472.9 million in income generated from its mining pool operations, acquired in April 2021 — accounting for over 95.38% of total revenue.
👉 Discover how top mining firms are adapting to global regulatory changes and maximizing returns.
The acquisition of BTC.com’s mining pool significantly reshaped the company’s business model, transitioning it from a hardware-focused miner to a diversified player in blockchain infrastructure.
Strategic Bitcoin Divestment: A Shift Toward Ethereum
One of the most notable findings in the report is Bit Mining’s substantial reduction in Bitcoin holdings. As of December 31, 2021, the company held 450 BTC, down sharply from 860 BTC reported as of September 30, 2021 — indicating a sale of 512 Bitcoin during the quarter.
This move reflects a broader strategic pivot. CEO Yang Xianfeng stated that Ethereum’s potential in driving decentralized innovation — particularly in areas like NFTs, DeFi, and the metaverse — will be pivotal in the next phase of internet evolution.
The company has also increased its Ethereum holdings significantly, rising from 2,024 ETH in Q3 to 5,931 ETH by year-end. In Q4 alone, Bit Mining mined 3,957 ETH, generating around $16.5 million in revenue from Ethereum operations.
With a total Ethereum mining hashrate capacity of 4,800 GH/s — of which 4,737.6 GH/s is already deployed — Bit Mining is clearly doubling down on proof-of-stake (PoS) and proof-of-capacity (PoC) ecosystems.
Global Mining Operations: U.S. Expansion and Hong Kong Deployment
Following China’s nationwide crackdown on cryptocurrency mining in May 2021, Bit Mining successfully relocated all its mining equipment to overseas facilities. As confirmed by company representatives, all Bitcoin miners have been moved to the United States and Kazakhstan.
United States: A Core Growth Hub
Bit Mining has made major investments in U.S.-based infrastructure:
- Partnered with Viking Data Centers, LLC in September 2021 to acquire a 51% stake in an 85MW Ohio-based mining facility.
- Later increased investment to expand capacity to 150MW, raising its ownership stake to 55%.
- As of Q4 2021, approximately 50MW of infrastructure had been built, with 43MW already operational.
The company’s total Bitcoin hashrate capacity in the U.S. stands at 532.7 PH/s, with 378.5 PH/s already deployed and the remainder awaiting full deployment.
Hong Kong: Niche Mining Focus
In contrast to large-scale Bitcoin mining, Bit Mining’s Hong Kong facility operates at a smaller scale with a maximum capacity of 1.4MW. It has been active since October 2021, primarily focused on ETH mining, including support for PoC and PoS consensus mechanisms.
Why Kazakhstan’s Data Center Plan Was Halted
Originally, Bit Mining announced plans in May 2021 to invest $9.33 million (60 million CNY) into a joint venture to build a 100MW data center in Kazakhstan, where it would hold an 80% ownership stake.
However, due to unstable local energy supply, the company officially terminated the construction plan in its Q4 report.
“Due to unstable energy supply locally, the company has terminated the Kazakhstan data center construction project announced in May 2021.”
Despite this setback, Bit Mining continues to operate Bitcoin miners within third-party data centers in Kazakhstan, with a total hashrate capacity of 292.7 PH/s — 135.3 PH/s of which is currently deployed.
👉 See how leading miners are optimizing global operations despite regional energy challenges.
Notably, while U.S. and Hong Kong operations contributed to a $16.3 million increase in mining revenue, the report did not disclose specific revenue figures from Kazakhstan — suggesting a reduced strategic emphasis.
Financial Position and Digital Asset Portfolio
As of December 31, 2021, Bit Mining held $55.1 million in digital assets, including:
- 450 BTC
- 5,931 ETH
- 51.8 million DOGE
- Various other cryptocurrencies
This represents a decrease from the $56.8 million in crypto assets reported in Q3 (including 860 BTC and 2,024 ETH), underscoring the company’s active portfolio rebalancing.
Additionally, during Q4, Bit Mining produced 102 BTC, generating approximately $5.6 million in revenue from Bitcoin mining — bringing its total mined BTC to 488 BTC since inception.
Core Strategic Keywords
The following keywords reflect the central themes and SEO focus of this analysis:
- Bit Mining Limited
- Bitcoin mining
- Ethereum mining
- Cryptocurrency mining revenue
- Mining pool business
- Global mining expansion
- Kazakhstan mining halt
- U.S. crypto mining investment
These terms naturally appear throughout the content and align with user search intent related to corporate crypto mining strategies and market trends.
Frequently Asked Questions (FAQ)
Why did Bit Mining sell over 500 Bitcoin?
The company sold 512 Bitcoin as part of a strategic shift toward Ethereum and next-generation blockchain applications like DeFi and NFTs. Management believes Ethereum offers greater long-term potential in decentralized innovation.
Is Bit Mining still operating in Kazakhstan?
Yes. While the company has halted its own data center construction due to energy instability, it continues to run Bitcoin miners within third-party data centers in Kazakhstan with a hashrate capacity of 292.7 PH/s.
Where is Bit Mining focusing its expansion now?
The primary focus is on the United States, particularly its 150MW Ohio-based mining facility. The U.S. now hosts over half of the company’s total Bitcoin hashrate capacity.
How much revenue came from mining versus mining pools?
The majority — about $472.9 million — came from the mining pool business (BTC.com). Direct mining operations contributed approximately $22.9 million ($5.6M from BTC + $16.5M from ETH).
What is Bit Mining’s current Ethereum strategy?
The company is heavily investing in Ethereum mining with nearly full deployment of its 4,800 GH/s capacity. It views Ethereum as central to future innovations in digital ownership and decentralized finance.
Did Bit Mining fully exit China?
Yes. Following regulatory actions in late 2021, Bit Mining exited mainland China by shutting down domestic data centers and migrating all equipment overseas. Its Hong Kong site remains operational but serves niche mining purposes.
Final Outlook
Bit Mining’s Q4 2021 report illustrates a company transforming under pressure — shifting from reactive relocation to proactive strategic realignment. By selling off Bitcoin reserves, expanding U.S. infrastructure, and embracing Ethereum-centric innovation, it is positioning itself for the next era of blockchain development.
While setbacks like the Kazakhstan project highlight operational risks in emerging markets, the company’s ability to adapt quickly underscores its resilience in a volatile industry.
For investors and industry watchers alike, Bit Mining’s journey offers valuable insights into how global crypto enterprises are evolving beyond pure hashing power — toward smarter, more agile models built on diversification and forward-looking vision.