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Exhibit 99.1 BIT Mining Limited Announces Unaudited Financial Results for the Third Quarter ended September 30 , 2021 HONG KONG , November 18 , 2021 / PRNewswire / ―BIT Mining Limited ( NYSE : BTCM ) ( “ BIT Mining , ” “ the Company , ” “ we , ” “ us , ” or “ our company ” ) , a leading technology - driven cryptocurrency mining company , today reported its unaudited financial results for the third quarter ended September 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 adopted a development strategy to focus on the migration and expansion of cryptocurrency mining operations globally . The Company has commenced ethereum mining operations with a theoretical maximum total hash rate capacity of 3,451 GH / s deployed as of today . Ethereum mining machines with a total theoretical maximum hash rate capacity of 4,800 GH / s are expected to be deployed by the end of November 2021. For the three months ended September 30 , 2021 , we produced 779 ethereum from our ethereum cryptocurrency mining operations , and recognized revenue of approximately US $ 2.5 million . As of today , we produced 52 ethereum per day , and have produced 2,300 ethereum in aggregate . Based on the current total network hash rate of ethereum and price¹ of ethereum , we expect to produce approximately 80 ethereum per day theoretically , starting in December 2021. Based on the current ethereum price¹ of US $ 4,279 , and the current bitcoin price¹ of US $ 60,366 , we expect to produce approximately 2,400 ethereum monthly , which are equivalent to approximately 170 bitcoin and worth approximately US $ 10.3 million in aggregate . As of today , the theoretical maximum total hash rate capacity of our bitcoin mining machines is approximately 800 PH / s . To increase the cost efficiency of its mining business , the Company sold some low - end mining machines with a total hash rate capacity of 610.7 PH / s . As of today , we have completed the migration of all of our bitcoin mining machines to the U.S. and Kazakhstan . In the U.S. , we have bitcoin mining machines with a total hash rate capacity of 507.3 PH / s , of which 119.7 PH / s have been deployed in data centers and the remainder have been fine - tuned and are waiting to be deployed . In Kazakhstan , we have bitcoin mining machines with a total hash rate capacity of 292.7 PH / s , of which109.4 PH / s have been deployed in data centers and the remainder have been fine - tuned and are waiting to be deployed . For the three months ended September 30 , 2021 , we produced 79 bitcoins from our cryptocurrency mining business , and recognized revenue of approximately US $ 3.4 million . In terms of our data center business , in September 2021 we entered into a Membership Interest Purchase Agreement and certain other auxiliary agreements ( the “ Ohio Mining Site Agreements ” ) with Viking Data Centers , LLC ( “ Viking Data Centers ” ) to jointly invest in the development of a cryptocurrency mining data center in Ohio ( the “ Ohio Mining Site " ) with power capacity of up to 85 megawatts . In October 2021 , we increased our investment in the Ohio Mining Site and brought its total planned power capacity up to 150 megawatts . We currently expect to complete the Ohio Mining Site in March 2022. As of today , we have finished the construction of plant and substantion of power capacity of 50 megawatts , of which 11 megawatts has started to operate . We are also constructing new data centers in Hong Kong and Kazakhstan . The new data center in Hong Kong , with a maximum processing capacity of approximately 1.4 megawatts , has been operational since October 2021. Moreover , we will construct and operate a data center in Kazakhstan which is located in Uralsk region of West Kazakhstan with a maximum processing capacity of approximately 40 megawatts , which is expected to be completed in the first quarter of 2022 . On October 14 , 2021 , the Company announced that its mining pool subsidiary , BTC.com , would completely exit the China market , cease registering new users from China and start to retire accounts of existing users from China . Due to BTC.com's discontinuation of service to users in China , the Company expects to see a decrease of 10 % to 20 % in revenues for the three months ending December 31 , 2021. The Company is working on solutions with its existing users in China , such as migrating such users ' mining machines to overseas markets , so that they may have access to our services in a compliant manner . In addition , the Company expects that its continued growth in international markets will help offset the loss of business in China . For the three months ended September 30 , 2021 , the mining pool business generated revenue of approximately US $ 397.8 million . 1 The ethereum price is based on the price on November 18 , 2021 , at UTC 0:00 , published on https://coinmarketcap.com ; the bitcoin price is based on the average of the prices on November 18 , 2021 , at UTC 0:00 , published on https://www.bitfinex.com and https://www.bitstamp.net .