{"id":517194,"date":"2021-07-23T16:33:28","date_gmt":"2021-07-23T20:33:28","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/bit-mining-announces-removal-of-vie-structure-and-disposal-of-chinese-lottery-business\/"},"modified":"2021-07-23T16:33:28","modified_gmt":"2021-07-23T20:33:28","slug":"bit-mining-announces-removal-of-vie-structure-and-disposal-of-chinese-lottery-business","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/bit-mining-announces-removal-of-vie-structure-and-disposal-of-chinese-lottery-business\/","title":{"rendered":"BIT Mining Announces Removal of VIE Structure and Disposal of Chinese Lottery Business"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>HONGKONG, <span class=\"xn-location\">China<\/span>, <span class=\"xn-chron\">July 23, 2021<\/span> \/PRNewswire\/\u2014 BIT Mining Limited (NYSE: BTCM) (&#8220;BIT Mining&#8221; or &#8220;the Company&#8221;), a leading cryptocurrency mining enterprise, today announced its decision to eliminate its variable interest entity (&#8220;VIE&#8221;) structure and to dispose of its Chinese lottery related business for nil consideration. BIT Mining&#8217;s consolidated affiliated subsidiaries under the VIE structure (the &#8220;VIE subsidiaries&#8221;), were primarily engaged in the Company&#8217;s Chinese lottery related business, which contributed <span class=\"xn-money\">RMB2.7 million<\/span> (<span class=\"xn-money\">US$0.4 million<\/span>), or 13.6%, of the Company&#8217;s total revenue and net loss of <span class=\"xn-money\">RMB9.8 million<\/span> (<span class=\"xn-money\">US$1.5 million<\/span>) for the three months ended <span class=\"xn-chron\">March 31, 2021<\/span>. \u00a0As of <span class=\"xn-chron\">March 31, 2021<\/span>, total assets held by the VIE subsidiaries represented <span class=\"xn-money\">RMB82.8 million<\/span> (<span class=\"xn-money\">US$12.6 million<\/span>), or 6.3%, of the Company&#8217;s total assets and net debt held by the VIE subsidiaries was <span class=\"xn-money\">RMB161.6 million<\/span> (<span class=\"xn-money\">US$24.6 million<\/span>).<\/p>\n<p>The VIE subsidiaries will be deconsolidated and their financial results will no longer be included in the Company&#8217;s consolidated financial statements as a result of eliminating the VIE structure. Due to the expansion of the Company&#8217;s cryptocurrency mining business outside of <span class=\"xn-location\">China<\/span>, the Company does not expect the removal of the VIE structure to have a material impact on its operational results or financial position.<\/p>\n<p>Since <span class=\"xn-chron\">December 2020<\/span>, the Company has pivoted its business to cryptocurrency mining and has achieved positive financial results by adopting an overseas development strategy. \u00a0In consideration of the continued losses sustained by its Chinese lottery related business operations, the Company has decided to exit and dispose of this immaterial business. With the elimination of the VIE structure, BIT Mining has exited its Chinese lottery related business and will focus on the overseas crypto mining business.<\/p>\n<p>\n        <b>About BIT Mining<\/b>\n      <\/p>\n<p>BIT Mining (NYSE: BTCM) is a leading cryptocurrency mining company, with a long-term strategy to create value across the cryptocurrency industry. Its business covers cryptocurrency mining, mining pool, and data center operation. The Company has deployed Bitcoin mining machines with a theoretical maximum total hash rate capacity of approximately 1,031.5 PH\/s and owns the entire mining pool business operated under BTC.com, including the domain name BTC.com. The Company has also entered into a definitive agreement to acquire a 7-nanometer cryptocurrency mining machine manufacturer, Bee Computing, to complete its vertical integration with its supply chain, increase its self-sufficiency and strengthen its competitive position. <\/p>\n<p>\n        <b>Safe Harbor Statements<\/b>\n      <\/p>\n<p>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 &#8220;will&#8221;, &#8220;expects&#8221;, &#8220;anticipates&#8221;, &#8220;future&#8221;, &#8220;intends&#8221;, &#8220;plans&#8221;, &#8220;believes&#8221;, &#8220;estimates&#8221;, &#8220;target&#8221;, &#8220;going forward&#8221;, &#8220;outlook&#8221; and similar statements. Such statements are based upon management&#8217;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&#8217;s control, which may cause the Company&#8217;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&#8217;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.<\/p>\n<p>\n        <b>For further information:<\/b>\n      <\/p>\n<p>BIT Mining Limited<br \/><a target=\"_blank\" href=\"mailto:ir@btc.com\" rel=\"nofollow noopener\">ir@btc.com<\/a><br \/>Ir.btc.com (The Investor Relations website has moved to <a target=\"_blank\" href=\"http:\/\/ir.btc.com\/\" rel=\"nofollow noopener\">http:\/\/ir.btc.com<\/a>.)<br \/>Ms. <span class=\"xn-person\">Danni Zheng<\/span><br \/>Phone: +86 755 8633 8005<\/p>\n<p>The Piacente Group, Inc.<br \/><span class=\"xn-person\">Helen Wu<\/span><br \/>Tel: +86 (10) 6508-0677<br \/>Email: <a target=\"_blank\" href=\"mailto:BITMining@thepiacentegroup.com\" rel=\"nofollow noopener\">BITMining@thepiacentegroup.com<\/a>\u00a0 \u00a0<\/p>\n<p>In <span class=\"xn-location\">the United States<\/span>:<br \/>The Piacente Group, Inc.<br \/><span class=\"xn-person\">Brandi Piacente<\/span><br \/>Tel: +1 (212) 481-2050<br \/>Email: <a target=\"_blank\" href=\"mailto:BITMining@thepiacentegroup.com\" rel=\"nofollow noopener\">BITMining@thepiacentegroup.com<\/a><\/p>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=CN53103&amp;sd=2021-07-23\" \/> View original content:<a id=\"PRNURL\" rel=\"nofollow\" href=\"https:\/\/www.prnewswire.com\/news-releases\/bit-mining-announces-removal-of-vie-structure-and-disposal-of-chinese-lottery-business-301340422.html\">https:\/\/www.prnewswire.com\/news-releases\/bit-mining-announces-removal-of-vie-structure-and-disposal-of-chinese-lottery-business-301340422.html<\/a><\/p>\n<p>SOURCE  BIT Mining Limited<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=CN53103&amp;Transmission_Id=202107231630PR_NEWS_USPR_____CN53103&amp;DateId=20210723\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire HONGKONG, China, July 23, 2021 \/PRNewswire\/\u2014 BIT Mining Limited (NYSE: BTCM) (&#8220;BIT Mining&#8221; or &#8220;the Company&#8221;), a leading cryptocurrency mining enterprise, today announced its decision to eliminate its variable interest entity (&#8220;VIE&#8221;) structure and to dispose of its Chinese lottery related business for nil consideration. BIT Mining&#8217;s consolidated affiliated subsidiaries under the VIE structure (the &#8220;VIE subsidiaries&#8221;), were primarily engaged in the Company&#8217;s Chinese lottery related business, which contributed RMB2.7 million (US$0.4 million), or 13.6%, of the Company&#8217;s total revenue and net loss of RMB9.8 million (US$1.5 million) for the three months ended March 31, 2021. \u00a0As of March 31, 2021, total assets held by the VIE subsidiaries represented RMB82.8 million (US$12.6 million), or 6.3%, of the Company&#8217;s &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/bit-mining-announces-removal-of-vie-structure-and-disposal-of-chinese-lottery-business\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;BIT Mining Announces Removal of VIE Structure and Disposal of Chinese Lottery Business&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-517194","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BIT Mining Announces Removal of VIE Structure and Disposal of Chinese Lottery Business - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/bit-mining-announces-removal-of-vie-structure-and-disposal-of-chinese-lottery-business\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BIT Mining Announces Removal of VIE Structure and Disposal of Chinese Lottery Business - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire HONGKONG, China, July 23, 2021 \/PRNewswire\/\u2014 BIT Mining Limited (NYSE: BTCM) (&#8220;BIT Mining&#8221; or &#8220;the Company&#8221;), a leading cryptocurrency mining enterprise, today announced its decision to eliminate its variable interest entity (&#8220;VIE&#8221;) structure and to dispose of its Chinese lottery related business for nil consideration. BIT Mining&#8217;s consolidated affiliated subsidiaries under the VIE structure (the &#8220;VIE subsidiaries&#8221;), were primarily engaged in the Company&#8217;s Chinese lottery related business, which contributed RMB2.7 million (US$0.4 million), or 13.6%, of the Company&#8217;s total revenue and net loss of RMB9.8 million (US$1.5 million) for the three months ended March 31, 2021. \u00a0As of March 31, 2021, total assets held by the VIE subsidiaries represented RMB82.8 million (US$12.6 million), or 6.3%, of the Company&#8217;s &hellip; Continue reading &quot;BIT Mining Announces Removal of VIE Structure and Disposal of Chinese Lottery Business&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/bit-mining-announces-removal-of-vie-structure-and-disposal-of-chinese-lottery-business\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-07-23T20:33:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=CN53103&amp;sd=2021-07-23\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/bit-mining-announces-removal-of-vie-structure-and-disposal-of-chinese-lottery-business\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/bit-mining-announces-removal-of-vie-structure-and-disposal-of-chinese-lottery-business\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"BIT Mining Announces Removal of VIE Structure and Disposal of Chinese Lottery Business\",\"datePublished\":\"2021-07-23T20:33:28+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/bit-mining-announces-removal-of-vie-structure-and-disposal-of-chinese-lottery-business\\\/\"},\"wordCount\":630,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/bit-mining-announces-removal-of-vie-structure-and-disposal-of-chinese-lottery-business\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/c212.net\\\/c\\\/img\\\/favicon.png?sn=CN53103&amp;sd=2021-07-23\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/bit-mining-announces-removal-of-vie-structure-and-disposal-of-chinese-lottery-business\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/bit-mining-announces-removal-of-vie-structure-and-disposal-of-chinese-lottery-business\\\/\",\"name\":\"BIT Mining Announces Removal of VIE Structure and Disposal of Chinese Lottery Business - 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/bit-mining-announces-removal-of-vie-structure-and-disposal-of-chinese-lottery-business\/","og_locale":"en_US","og_type":"article","og_title":"BIT Mining Announces Removal of VIE Structure and Disposal of Chinese Lottery Business - Market Newsdesk","og_description":"PR Newswire HONGKONG, China, July 23, 2021 \/PRNewswire\/\u2014 BIT Mining Limited (NYSE: BTCM) (&#8220;BIT Mining&#8221; or &#8220;the Company&#8221;), a leading cryptocurrency mining enterprise, today announced its decision to eliminate its variable interest entity (&#8220;VIE&#8221;) structure and to dispose of its Chinese lottery related business for nil consideration. BIT Mining&#8217;s consolidated affiliated subsidiaries under the VIE structure (the &#8220;VIE subsidiaries&#8221;), were primarily engaged in the Company&#8217;s Chinese lottery related business, which contributed RMB2.7 million (US$0.4 million), or 13.6%, of the Company&#8217;s total revenue and net loss of RMB9.8 million (US$1.5 million) for the three months ended March 31, 2021. \u00a0As of March 31, 2021, total assets held by the VIE subsidiaries represented RMB82.8 million (US$12.6 million), or 6.3%, of the Company&#8217;s &hellip; Continue reading \"BIT Mining Announces Removal of VIE Structure and Disposal of Chinese Lottery Business\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/bit-mining-announces-removal-of-vie-structure-and-disposal-of-chinese-lottery-business\/","og_site_name":"Market Newsdesk","article_published_time":"2021-07-23T20:33:28+00:00","og_image":[{"url":"https:\/\/c212.net\/c\/img\/favicon.png?sn=CN53103&amp;sd=2021-07-23","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/bit-mining-announces-removal-of-vie-structure-and-disposal-of-chinese-lottery-business\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/bit-mining-announces-removal-of-vie-structure-and-disposal-of-chinese-lottery-business\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"BIT Mining Announces Removal of VIE Structure and Disposal of Chinese Lottery Business","datePublished":"2021-07-23T20:33:28+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/bit-mining-announces-removal-of-vie-structure-and-disposal-of-chinese-lottery-business\/"},"wordCount":630,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/bit-mining-announces-removal-of-vie-structure-and-disposal-of-chinese-lottery-business\/#primaryimage"},"thumbnailUrl":"https:\/\/c212.net\/c\/img\/favicon.png?sn=CN53103&amp;sd=2021-07-23","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/bit-mining-announces-removal-of-vie-structure-and-disposal-of-chinese-lottery-business\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/bit-mining-announces-removal-of-vie-structure-and-disposal-of-chinese-lottery-business\/","name":"BIT Mining Announces Removal of VIE Structure and Disposal of Chinese Lottery Business - 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