start going after the people behind it not hard to track where fake shares and shorts come from they get reported but the sec does nothing.. https://twitter.com/InvestorsLive was one that started a short attack on btcm about 3 weeks ago telling 180K followers to short it then you get the naked shorts that join in
So how do they (SEC) or (BTCM) prevent Naked Shorting from happening?
$BTCM and IDEX only Blockchain plays I know
Where have you been all these years?? FTD= naked shorts you can look up past FTDS and see its been going on here
I've noticed EDGX has been heavily selling but they aren't heavily buying back and can look up that they are the ones that are behind the short selling/naked short selling it appears
I don't think you can naked short on the NYSE
My guess is china shut the switch off on over 400MW's of machines and they are just now getting back online.
My guess 20+ by December once Mr market realizes these machines are cranking cash
BTCM needs to report quarter to quarter revenue growth that validates their business plan is working.
It is one thing to buy crypto mining machines--and another to operate in a low cost-high margin environment.
Whats weird is China has been banning crypto since 2013
All the crypto miner are suffering from the China Syndrome today.
All in on GEVO no funds for other stocks
BTCM looking like real easy money right here imo!
Bitcoin $51.7K, glad I bought Dec 7.5 calls here on $BTCM
Up a little today.
I have quite a way to go to get green.
Looks like $BTCM has totally transformed its share ownership structure at a base price of $0.50 per share with that $50 million private placement for 100M shares.
As I understand it the new structure will be approximately 243 million shares once all the warrants are exercised.
"... Under the terms of the private placement, the Company will issue 100,000,000 Class A ordinary shares, and warrants to purchase up to an additional 100,000,000 Class A ordinary shares to the Investors, at a purchase price of US$5.00 per ten Class A ordinary shares, with one warrant included in the price of each Class A ordinary share. ..."
But they have saved their company by moving their mining operations outside of China, building new data centers outside of China and expanding non-China based infrastructure.
Folks did not care for the equity raise. They acted quickly on leaving China. Good move.
China's government is in full paranoia mode.
I have been loading this.
Not sure about the future of it but have a feeling that these are the right prices.
NEWS PROVIDED BY500.com Limited
Apr 15, 2021, 09:04 ET
SHENZHEN, China, April 15, 2021 /PRNewswire/ -- BIT Mining Limited (NYSE: WBAI) ("BIT Mining Limited" or the "Company"), a leading cryptocurrency mining enterprise, today announced the first closing of its previously announced transactions (the "Transactions") contemplated by the share exchange agreement, as amended (the "Share Exchange Agreement"), dated February 16, 2021, with Blockchain Alliance Technologies Holding Company ("Blockchain Alliance"), a Cayman Islands company and a "Non-U.S. Person" as defined in Regulation S of the Securities Act of 1933, as amended. Pursuant to the Share Exchange Agreement, the Company has issued an aggregate of 44,353,435 Class A ordinary shares of par value US$0.00005 per share of the Company (the "Class A Ordinary Shares") to Blockchain Alliance in exchange for the entire outstanding share capital of Blockchain Alliance Technologies Limited held by Blockchain Alliance. In accordance with the Share Exchange Agreement, the entire mining pool business of Bitdeer Technologies Holding Company ("BitDeer") operated under BTC.com, including the domain name BTC.com and the cryptocurrency wallet of BTC.com (collectively, the "BTC.com Pool Businesses") have now been transferred to the Company.
BTC.com was founded by Mr. Jihan Wu, upon completion of the first closing, Mr. Wu and the other shareholders of Blockchain Alliance will together hold 7.9 % of the Company's total outstanding share capital, as of April 14, 2021.
The Company today also announced that it and Blockchain Alliance agreed to amend the Share Exchange Agreement on April 15, 2021, pursuant to which amendment, among other things, the relevant period for recording net operating profit or net operating loss in respect of the BTC.com Pool Businesses, for the determination of whether the Company shall issue additional shares to, or be entitled to repurchase certain shares from, Blockchain Alliance as part of the Transactions, has been changed to the twelve-month period from April 1, 2021 to March 31, 2022.
About BIT Mining Limited
BIT Mining Limited (NYSE: WBAI) is a leading cryptocurrency mining enterprise, with a long-term strategy to create value across the cryptocurrency industry. Since announcing its entry into the industry in December 2020, the Company has: (i) purchased and deployed bitcoin mining machines with a theoretical hash rate capacity of approximately 1,031.5 PH/s; (ii) acquired three hydroelectric cryptocurrency mines with a combined electric power capacity of 435MW, by purchasing a controlling stake in Loto Interactive Limited (HKEX:08198); (iii) acquired the entire mining pool business of Bitdeer Technologies Holding Company operated under BTC.com, including the domain name and the cryptocurrency wallet of BTC.com. The Company has also entered into a definitive agreement with Bee Computing (HK) Limited, a 7-nanometer cryptocurrency mining machine manufacturer, in order to help sustain the Company's continued growth. BIT Mining Limited was formerly known as 500.com Limited, an online sports lottery service provider in China.
As of today, the Company's American Depositary Shares ("ADSs"), each representing the right to receive ten (10) Class A ordinary shares of the Company, are listed on the NYSE under the Company's old English name "500.com Limited" and its old ticker symbol "WBAI." The Company's ADSs are expected to begin trading under the Company's new English name "BIT Mining Limited," and its new ticker symbol "BTCM," effective at the opening of trading on Tuesday, April 20, 2021.
SHENZHEN, China, May 10, 2021 /PRNewswire/ -- BIT Mining Limited (NYSE: BTCM) ("BIT Mining," "the Company," "we," "us," "our company," or "our"), a leading cryptocurrency mining enterprise, today reported its unaudited financial results for the first quarter ended March 31, 2021.
Cryptocurrency Business Progress
BIT Mining Limited has completed the transition of its business to an enterprise that covers cryptocurrency mining, mining pool, and data center operation.
As of today, we have deployed 50,113 mining machines. The theoretical maximum total hash rate capacity of such mining machines is about 1,031.5 PH/s, and we currently produce approximately 4 bitcoins each day. As of April 30, 2021, we have produced approximately 110 bitcoins, equivalent to revenue of approximately RMB40.6 million (US$6.2 million). As of today, we have produced approximately 147 bitcoins, equivalent to revenue of approximately RMB54.4 million (US$8.3 million). We currently own approximately 489 bitcoins, including the 356.04342 bitcoins that we received from the private placement of our Class A ordinary shares to Good Luck Information Technology Co., Limited.
On March 31, 2021, we completed our subscription for shares of Loto Interactive Limited (HKEX: 08198) ("Loto Interactive") which we refer to as our data center business, our ownership of Loto Interactive thereby increased to 54.2%, and Loto Interactive became a subsidiary of our company. As a result, the Company consolidated Loto Interactive on March 31, 2021. The three hydroelectric cryptocurrency data centers owned by Loto Interactive have an aggregate gross area of over 18,000 square meters and a total power capacity of 435WM. Such data centers could provide data analysis and storage services for up to 225,000 data processors at the same time. From April 1, 2021 to April 30, 2021, revenue generated from our data center business was RMB28.3 million (US$4.3 million).
We also completed our acquisition of the entire mining pool business of Bitdeer Technologies Holding Company operated under BTC.com, including the domain name BTC.com and the cryptocurrency wallet of BTC.com (collectively, the "BTC.com Pool Businesses"). From April 1, 2021 to April 30, 2021, the gross profit of the BTC.com Pool Businesses was RMB 55.3 million (US$8.4 million).
All of the BTC and ETH mining machines that we have purchased are expected to be deployed by the end of 2021. Assuming full delivery, our theoretical maximum total BTC hash rate capacity will increase to approximately 2,000 PH/s, and our theoretical maximum total ETH hash rate capacity will increase to approximately 4,800 GH/s.
We also have entered into a definitive agreement to acquire a 7-nanometer cryptocurrency mining machine manufacturer, Bee Computing (HK) Limited, to complete our vertical integration with our supply chain, increase our self-sufficiency while also strengthening our competitive position.
First Quarter 2021 Highlights
Net revenues were RMB19.6 million (US$3.0 million) in the first quarter of 2021, representing a significant increase of RMB10.6 million or 117.8% from RMB9.0 million for the fourth quarter of 2020, and a sharp increase of RMB16.5 million or 532.3% from RMB3.1 million for the first quarter of 2020. Net revenues during the first quarter of 2021 primarily consisted of RMB11.8 million (US$1.8 million) in revenue contribution from our cryptocurrency mining business that we initiated on Feb