Bit mining announces removal of vie structure and disposal of chinese lottery business

Hongkong, china, july 23, 2021 /prnewswire/— bit mining limited (nyse: btcm) ("bit mining" or "the company"), a leading cryptocurrency mining enterprise, today announced its decision to eliminate its variable interest entity ("vie") structure and to dispose of its chinese lottery related business for nil consideration. bit mining's consolidated affiliated subsidiaries under the vie structure (the "vie subsidiaries"), were primarily engaged in the company's chinese lottery related business, which contributed rmb2.7 million (us$0.4 million), or 13.6%, of the company's total revenue and net loss of rmb9.8 million (us$1.5 million) for the three months ended march 31, 2021.
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