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Exhibit 99.1 BIT Mining Limited Announces Unaudited Financial Results for the Second Quarter ended June 30 , 2021 HONG KONG , August 17 , 2021 / PRNewswire / -BIT Mining Limited ( NYSE : BTCM ) ( “ BIT Mining , ” “ the Company , ” “ we , ” “ us , ” or “ our company " ) , a leading cryptocurrency mining enterprise , today reported its unaudited financial results for the second quarter ended June 30 , 2021 . Cryptocurrency Business Progress BIT Mining has completed the transition of its business to an enterprise that covers cryptocurrency mining , data center operation and mining pool . The Company has commenced ethereum mining operations outside of mainland China , with a theoretical maximum total hash rate capacity of 600 GH / s deployed as of today . Based on the entire ethereum hash rate and ethereum price¹ of US $ 3,309 as of today , we currently produce approximately 13 ethereum per day , which are worth approximately US $ 43,017 in aggregate . The direct monthly costs of our ethereum mining operations are lower than 10 % of the monthly revenue we recognized from ethereum mining operations , based on today's ethereum price . Ethereum mining machines with a total hash rate capacity of 4,800 GH / s are expected to be deployed by the end of October 2021 . As of today , the theoretical maximum total hash rate capacity of bitcoin mining machines of the Company is approximately 1,425.3 PH / s . The Company has adopted a development strategy to focus on expanding its cryptocurrency mining operations globally . As of today , we have delivered 7,849 bitcoin mining machines with a total hash rate capacity of 292.7 PH / s to Kazakhstan , of which 3,293 bitcoin mining machines , with a total hash rate capacity of 121.0 PH / s , have been deployed at data centers in Kazakhstan and 4,556 bitcoin mining machines are waiting to be deployed . For the second quarter of 2021 , we produced 186 bitcoins from cryptocurrency mining business , and recognized revenue of approximately US $ 9.5 million , representing approximately 2.1 % of the Company's total net revenues . In terms of data center business , the Company has announced that it has entered into several term sheets to invest in cryptocurrency mining data centers globally , in May and June 2021. On June 21 , 2021 , we announced that two big data centers have suspended their operations according to the written notice from State Grid Sichuan Ganzi Electric Power Co. , Ltd .. Data centers in Sichuan recognized revenue of approximately US $ 11.4 million , representing approximately 2.6 % of the Company's total net revenues for the second quarter of 2021. We are now in the process of constructing one of our new data centers outside of mainland China , which is expected to begin operation late in the third quarter of 2021. In the meantime , the Company is proactively seeking additional high - quality mining resources to better execute its global development strategy . On April 15 , 2021 , we 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 . As a leading multi - currency comprehensive service mining pool , the total hash rate capacity of BTC.com accounts for about 10 % of the entire bitcoin hash rate and the actual hash rate has remained fairly stable so far . From April 15 , 2021 to June 30 , 2021 , the mining pool business recognized ( i ) revenue of approximately US $ 422.8 million , representing approximately 95.0 % of the Company's total net revenues for the second quarter of 2021 , and ( ii ) cost of revenue of approximately US $ 414.4 million , exclusive of depreciation and amortization . Removal of VIE Structure and Disposal of Chinese Lottery Business We have previously conducted our lottery business in China through a series of contractual arrangements with the lottery business related VIES . In July 2021 , the Company announced its decision to dispose of its Chinese lottery related business and the Company terminated all of its lottery business related VIE contracts . The lottery business - related VIE subsidiaries will be deconsolidated and their financial results will no longer be included in the Company's consolidated financial statements in the third quarter of this year as a result of eliminating the VIE structure . 1 The ethereum price is based on the price on August 17 , 2021 , at UTC 0:00 , published on https://coinmarketcap.com . 1