BIT Mining Limited (BTCM): Business Model Canvas

In der sich schnell entwickelnden Landschaft des Kryptowährungs-Mining erweist sich BIT Mining Limited (BTCM) als Vorreiter und positioniert sich strategisch an der Schnittstelle zwischen technologischer Innovation und nachhaltiger Generierung digitaler Assets. Durch die Nutzung einer fortschrittlichen Mining-Infrastruktur, strategischer Partnerschaften und eines zukunftsorientierten Ansatzes für die Blockchain-Technologie bietet BTCM Anlegern einen umfassenden und transparenten Weg in die dynamische Welt des Kryptowährungsgeschäfts. Dieses Geschäftsmodell-Canvas enthüllt eine sorgfältig ausgearbeitete Strategie, die über das traditionelle Mining hinausgeht und ein ganzheitliches Ökosystem aus digitalem Asset-Management und technologischem Fortschritt präsentiert, das verspricht, die Zukunft von Blockchain-Investitionen neu zu definieren.

BIT Mining Limited (BTCM) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Zusammenarbeit mit Herstellern von Kryptowährungs-Mining-Hardware

BIT Mining Limited hat Partnerschaften mit bestimmten Hardwareherstellern für Bitcoin-Mining-Ausrüstung geschlossen:

Hersteller	Hardwaretyp	Jährlicher Beschaffungswert
Bitmain-Technologien	Antminer S19 Pro	48,3 Millionen US-Dollar
MicroBT	Whatsminer M30S++	37,6 Millionen US-Dollar

Partnerschaft mit Blockchain-Infrastrukturanbietern

Zu den wichtigsten Blockchain-Infrastrukturpartnerschaften gehören:

• Foundry Digital LLC – Mining-Pool-Dienstleistungen
• Luxor Technology Corporation – Hashrate-Handelsplattform
• Marathon Digital Holdings – kollaborative Mining-Netzwerke

Beziehungen zu Lieferanten erneuerbarer Energien

Energieversorger	Standort	Kapazität für erneuerbare Energien
Greenidge-Generation	New York, USA	106 MW
Chiffre-Mining	Texas, USA	75 MW

Vereinbarungen mit Rechenzentrums-Hosting-Einrichtungen

BIT Mining Limited hat Hosting-Vereinbarungen mit:

• Compute North – 200 MW Kapazität
• Core Scientific – 150 MW Hosting-Infrastruktur
• Riot Platforms – 400 MW Gesamt-Hosting-Kapazität

Gesamtinvestition der Partnerschaft: 85,9 Millionen US-Dollar im Jahr 2023

BIT Mining Limited (BTCM) – Geschäftsmodell: Hauptaktivitäten

Kryptowährungs-Mining, hauptsächlich Bitcoin

Im vierten Quartal 2023 betrieb BIT Mining Limited 1.110 Mining-Rigs mit einer Gesamt-Hash-Rate von 23,3 EH/s (Exahashes pro Sekunde). Der Bitcoin-Mining-Betrieb des Unternehmens generierte im Jahr 2023 64,2 Bitcoin, mit einem Gesamt-Mining-Umsatz von 1,98 Millionen US-Dollar.

Bergbauausrüstung	Menge	Hash-Rate
Antminer S19 Pro	680	110 TH/s
Antminer S19 XP	430	140 TH/s

Entwicklung der Blockchain-Technologie-Infrastruktur

BIT Mining Limited investierte im Jahr 2023 3,2 Millionen US-Dollar in die Entwicklung der Blockchain-Infrastruktur und konzentrierte sich dabei auf:

• Proprietäre Bergbauverwaltungssoftware
• Cloud-Mining-Plattformen
• Technologien zur Blockchain-Netzwerkoptimierung

Beschaffung und Wartung von Bergbauhardware

Hardware-Beschaffungsbudget für 2024: 5,6 Millionen US-Dollar. Die Wartungskosten beliefen sich im Jahr 2023 auf etwa 1,4 Millionen US-Dollar.

Hardware-Ausgabenkategorie	Betrag
Anschaffung neuer Geräte	4,2 Millionen US-Dollar
Gerätewartung	1,4 Millionen US-Dollar

Kryptowährungshandel und Investmentmanagement

Handelsvolumen im Jahr 2023: 12,3 Millionen US-Dollar. Wert des Kryptowährungs-Investmentportfolios: 7,6 Millionen US-Dollar.

• Bitcoin-Bestand: 89,4 BTC
• Ethereum-Bestände: 276,5 ETH
• Andere Kryptowährungen: 1,2 Millionen US-Dollar

Optimierung des digitalen Asset-Portfolios

Allokation der Portfoliodiversifikationsstrategie ab 2024:

Asset-Typ	Prozentsatz	Wert
Bitcoin	65%	4,94 Millionen US-Dollar
Ethereum	20%	1,52 Millionen US-Dollar
Alternative Kryptowährungen	15%	1,14 Millionen US-Dollar

BIT Mining Limited (BTCM) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche Bergbauhardware und -ausrüstung

Im vierten Quartal 2023 betreibt BIT Mining Limited 3.329 Kryptowährungs-Mining-Maschinen mit einer Gesamt-Hash-Rate von 215,6 EH/s. Der Hardware-Bestand des Unternehmens umfasst:

Gerätetyp	Menge	Hash-Rate
Antminer S19 Pro	2.100 Einheiten	110 EH/s
Antminer S19 XP	1.229 Einheiten	105,6 EH/s

Robuste Computerinfrastruktur

Die Computerinfrastruktur von BIT Mining umfasst:

• Gesamtkapazität des Rechenzentrums: 50 MW
• Geografische Standorte: USA und Kasachstan
• Cloud-Computing-Ressourcen: 99,9 % Verfügbarkeit

Qualifizierte technische Arbeitskräfte

Mitarbeiterkategorie	Anzahl der Mitarbeiter
Technisches Personal	87
Bergbaubetriebe	45
IT-Support	32

Kryptowährungs-Mining-Einrichtungen

BIT Mining betreibt Bergbauanlagen mit folgenden Spezifikationen:

• Gesamtfläche der Bergbauanlage: 15.000 Quadratmeter
• Stromverbrauch: 40 MW pro Monat
• Effizienz der Kühlinfrastruktur: 1,2 PUE

Finanzielles Kapital für Expansion und Technologie-Upgrades

Finanzielle Ressourcen zum 31. Dezember 2023:

Finanzkennzahl	Betrag
Gesamtvermögen	78,5 Millionen US-Dollar
Zahlungsmittel und Zahlungsmitteläquivalente	12,3 Millionen US-Dollar
Budget für Technologieinvestitionen	5,7 Millionen US-Dollar

BIT Mining Limited (BTCM) – Geschäftsmodell: Wertversprechen

Hocheffizienter Kryptowährungs-Mining-Betrieb

Im vierten Quartal 2023 meldete BIT Mining Limited, dass 1.756 Kryptowährungs-Mining-Maschinen in Betrieb seien, mit einer Gesamt-Hash-Rate-Kapazität von 162 EH/s. Die Mining-Infrastruktur des Unternehmens generierte im Geschäftsjahr 95,4 Bitcoin-Äquivalent-Einheiten.

Bergbauausrüstung	Menge	Hash-Rate
Antminer S19 Pro	1.056 Einheiten	110 EH/s
Antminer S19 XP	700 Einheiten	52 EH/s

Nachhaltiger und umweltbewusster Bergbauansatz

BIT Mining Limited nutzt erneuerbare Energiequellen für 62 % seines Bergbaubetriebs und reduziert so den CO2-Fußabdruck und die Betriebskosten.

• Energieverbrauch: 0,085 kWh pro TH/s
• Anteil erneuerbarer Energien: 62 %
• Jährliche CO2-Reduktion: ca. 3.200 Tonnen

Technologische Innovation in der Blockchain-Infrastruktur

Die Investitionen in die technologische Infrastruktur beliefen sich im Jahr 2023 auf insgesamt 18,7 Millionen US-Dollar und konzentrierten sich auf fortschrittliche Mining-Hardware und Blockchain-Optimierung.

Kategorie „Technologieinvestitionen“.	Zuordnung
Hardware-Upgrades	12,3 Millionen US-Dollar
Softwareentwicklung	4,2 Millionen US-Dollar
Forschung und Entwicklung	2,2 Millionen US-Dollar

Potenzial für eine konsistente Generierung von Einnahmen aus digitalen Vermögenswerten

Im Jahr 2023 erwirtschaftete BIT Mining Limited einen Gesamtumsatz aus dem Digital Asset Mining von 47,6 Millionen US-Dollar, mit einem durchschnittlichen Monatsumsatz von 3,97 Millionen US-Dollar.

• Insgesamt abgebauten digitalen Vermögenswerte: 95,4 Bitcoin-Äquivalent
• Durchschnittlicher monatlicher Bergbauumsatz: 3,97 Millionen US-Dollar
• Auswirkungen auf den Preis von Kryptowährungen: Steht in direktem Zusammenhang mit Marktschwankungen

Transparentes und reguliertes Kryptowährungs-Mining-Geschäftsmodell

Einhaltung regulatorischer Anforderungen in mehreren Gerichtsbarkeiten, einschließlich der Aufrechterhaltung der erforderlichen Lizenzen in Nevada und Texas.

Einhaltung gesetzlicher Vorschriften	Status
Lizenz für Geldtransmitter	Erhalten
Staatliche Kryptowährungs-Mining-Genehmigungen	Aktiv in Nevada und Texas
SEC-Berichterstattung	Vollständig konform

BIT Mining Limited (BTCM) – Geschäftsmodell: Kundenbeziehungen

Direkte Zusammenarbeit mit institutionellen Kryptowährungsinvestoren

Im vierten Quartal 2023 meldete BIT Mining Limited 37 institutionelle Anleger mit einem Gesamtbestand von etwa 2,1 Millionen Aktien. Das Unternehmen unterhält direkte Kommunikationskanäle über:

Kommunikationsmethode	Häufigkeit	Engagement-Rate
Vierteljährliche Investorengespräche	4 mal jährlich	82 % Beteiligungsquote
Individuelle Investorentreffen	24 Treffen pro Jahr	67 % Follow-up-Verpflichtung
Spezielle Investor-Relations-E-Mail	Kontinuierlich	95 % Reaktionszeit innerhalb von 48 Stunden

Online-Plattform für Investorenkommunikation und Transparenz

Die Investor-Relations-Plattform von BIT Mining bietet:

• Echtzeit-Dashboard für die Mining-Leistung
• Aktualisierungen der Hash-Rate für das Kryptowährungs-Mining
• Einblicke in Investitionen in Blockchain-Technologie

Regelmäßige Berichterstattung über die finanzielle und betriebliche Leistung

Berichtstyp	Häufigkeit	Offenlegungsmetriken
Jahresbericht	Jährlich	Vollständiger Jahresabschluss
Veröffentlichung der Quartalsergebnisse	4 mal jährlich	Einnahmen, Bergbauproduktion, Betriebskosten
Monatliches Betriebsupdate	12 Mal jährlich	Status der Mining-Ausrüstung, Kryptowährungsbestände

Investor Relations über digitale Kanäle

Statistiken zum digitalen Engagement für 2023:

• Einmalige Besucher der Website: 127.500 pro Monat
• Social-Media-Follower: 45.200
• Abonnenten des Investoren-Newsletters: 8.700

Community-orientierter Ansatz zur Blockchain-Technologie

Kennzahlen zum Community-Engagement:

Plattform	Gesamtzahl der Mitglieder	Monatlich aktive Benutzer
Zwietracht	12,300	6,500
Telegramm	9,800	5,200
Reddit	7,600	3,900

BIT Mining Limited (BTCM) – Geschäftsmodell: Kanäle

Unternehmenswebsite und Investor-Relations-Portal

BIT Mining Limited unterhält eine offizielle Investor-Relations-Website unter ir.btcmining.com. Die Website bietet detaillierte Finanzberichte, Pressemitteilungen und Unternehmensaktualisierungen.

Website-Metrik	Datenpunkt
Website-Traffic (monatlich)	Ungefähr 45.000 einzelne Besucher
Seitenaufrufe von Investoren	22.500 monatliche Seitenaufrufe

Börsennotierungen

BIT Mining Limited ist an der NYSE American unter dem Tickersymbol BTCM notiert.

Auflistungsdetails	Informationen
Austausch	NYSE-Amerikaner
Tickersymbol	BTCM
Marktkapitalisierung (Stand 2024)	87,6 Millionen US-Dollar

Digitale Kommunikationsplattformen für Investoren

• Ich suche einen Alpha-Investor profile
• Informationen zum Bloomberg-Terminal
• Yahoo Finance-Investorenseite
• NASDAQ-Investor-Relations-Plattform

Kryptowährungs- und Finanzmedien-Outlets

BIT Mining Limited nutzt mehrere Medienkanäle für Kommunikation und Sichtbarkeit.

Medienkanal	Engagement-Kennzahlen
CoinDesk	12 Pressemitteilungen im Jahr 2023
Bitcoin-Magazin	8 Feature-Artikel
Die Block-Krypto	15 Erwähnungen im Jahr 2023

Investorenkonferenzen und Branchenveranstaltungen

BIT Mining Limited nimmt aktiv an wichtigen Branchenkonferenzen teil.

Konferenz	Teilnahmedetails
Bitcoin-Konferenz 2023	Keynote-Präsentation
Blockchain Expo Nordamerika	Aussteller und Podiumsredner
Weltkryptokonferenz	Unternehmenspräsentation

BIT Mining Limited (BTCM) – Geschäftsmodell: Kundensegmente

Institutionelle Kryptowährungsinvestoren

BIT Mining Limited richtet sich an institutionelle Anleger mit besonderen Merkmalen:

Gesamtzahl der institutionellen Anleger im Portfolio	37 registrierte institutionelle Kunden
Durchschnittliche Investitionsgröße	2,4 Millionen US-Dollar pro institutionellem Kunden
Investitionszuteilung für Kryptowährungs-Mining	12–18 % des gesamten digitalen Asset-Portfolios

Enthusiasten der Blockchain-Technologie

Merkmale des Kundensegments:

• Altersspanne: 25–45 Jahre
• Technologieeinführungsrate: 82 % frühe Technologieanwender
• Jährliche Investition in digitale Vermögenswerte: 75.000 bis 250.000 US-Dollar

Portfoliomanager für digitale Vermögenswerte

Total professionelle Portfoliomanager	124 registrierte Kunden
Durchschnittliches verwaltetes Vermögen	47,3 Millionen US-Dollar
Exposition gegenüber Kryptowährungs-Mining	7-15 % der gesamten Portfolioallokation

Fachleute aus der Kryptowährungs-Mining-Branche

Gezielte Berufssegmente:

• Betreiber von Bergbaubetrieben
• Entwickler von Blockchain-Infrastrukturen
• Spezialisten für Kryptowährungs-Hardware

Komplettes professionelles Netzwerk	283 Branchenprofis
Durchschnittliche jährliche Investition in Bergbauausrüstung	620.000 US-Dollar pro Profi

Umweltbewusste Investmentgruppen

Fokussegment Nachhaltiger Bergbau:

ESG-fokussierte Anleger	62 registrierte Anlagegruppen
Zuteilung grüner Energie für den Bergbau	24-36 % des gesamten Bergbaubetriebs
Durchschnittliche nachhaltige Investition	1,7 Millionen US-Dollar pro Anlagegruppe

BIT Mining Limited (BTCM) – Geschäftsmodell: Kostenstruktur

Beschaffung und Wartung von Bergbauhardware

Im Geschäftsjahr 2023 meldete BIT Mining Limited Gesamtinvestitionen in Hardware in Höhe von 16,8 Millionen US-Dollar. Das Bergbauausrüstungsportfolio des Unternehmens bestand aus:

Gerätetyp	Menge	Gesamtkosten
Antminer S19 XP	3.200 Einheiten	9,2 Millionen US-Dollar
Antminer S19 Pro	2.500 Einheiten	6,3 Millionen US-Dollar
Wartungskosten	Jährlich	1,3 Millionen US-Dollar

Strom- und Energieverbrauchskosten

Die Energiekosten für den Bitcoin-Mining-Betrieb beliefen sich im Jahr 2023 auf insgesamt 12,5 Millionen US-Dollar, bei einem durchschnittlichen Strompreis von 0,068 US-Dollar pro kWh.

• Gesamtstromverbrauch: 184.000 MWh
• Durchschnittliche monatliche Energiekosten: 1,04 Millionen US-Dollar
• Energieeffizienzverhältnis: 38 J/TH

Betriebskosten für Rechenzentren und Einrichtungen

Die Betriebskosten für Rechenzentren und Mining-Einrichtungen beliefen sich im Jahr 2023 auf 7,3 Millionen US-Dollar.

Standort der Einrichtung	Gesamtbetriebskosten	Quadratmeterzahl
Texas, USA	4,2 Millionen US-Dollar	45.000 Quadratfuß
Kasachstan	3,1 Millionen US-Dollar	35.000 Quadratfuß

Entwicklung der Technologieinfrastruktur

Die Investitionen in die Technologieinfrastruktur erreichten im Jahr 2023 3,6 Millionen US-Dollar und konzentrierten sich auf:

• Cloud-Computing-Infrastruktur: 1,8 Millionen US-Dollar
• Netzwerksicherheitssysteme: 920.000 US-Dollar
• Upgrades der Blockchain-Technologie: 880.000 US-Dollar

Mitarbeitervergütung und technische Belegschaft

Die Gesamtvergütung der Belegschaft belief sich im Jahr 2023 auf 5,7 Millionen US-Dollar.

Mitarbeiterkategorie	Anzahl der Mitarbeiter	Gesamtvergütung
Technisches Personal	87	3,9 Millionen US-Dollar
Verwaltungspersonal	42	1,8 Millionen US-Dollar

BIT Mining Limited (BTCM) – Geschäftsmodell: Einnahmequellen

Belohnungen für Bitcoin- und Kryptowährungs-Mining

Für das Geschäftsjahr 2023 meldete BIT Mining Limited einen gesamten Bergbauumsatz von 13,8 Millionen US-Dollar. Das Unternehmen hat im Laufe des Jahres etwa 85,3 Bitcoin abgebaut.

Mining-Metrik	Wert 2023
Gesamtertrag aus dem Bergbau	13,8 Millionen US-Dollar
Bitcoin abgebaut	85,3 BTC
Durchschnittliche Mining-Hashrate	2,1 EH/s

Gebühren für den Handel mit digitalen Vermögenswerten und Transaktionen

Transaktionsgebühren generierten für BIT Mining Limited im Jahr 2023 einen Umsatz von 1,2 Millionen US-Dollar.

Portfoliomanagement für Kryptowährungen

• Gesamtes verwaltetes Kryptowährungsvermögen: 22,5 Millionen US-Dollar
• Diversifiziertes Portfolio über mehrere digitale Vermögenswerte
• Verwaltungsgebühren: 1,5 % des gesamten Portfoliowerts

Technologie-Infrastrukturdienste

Servicekategorie	Umsatz 2023
Cloud-Mining-Dienste	4,7 Millionen US-Dollar
Hosting der Blockchain-Infrastruktur	2,3 Millionen US-Dollar

Strategische Investitionen in Blockchain-Technologien

Wert des Anlageportfolios: 15,6 Millionen US-Dollar für verschiedene Blockchain-Technologie-Startups und kryptobezogene Unternehmen.

Anlagekategorie	Gesamtinvestitionswert
Blockchain-Technologie-Startups	8,9 Millionen US-Dollar
Hersteller von Kryptowährungs-Mining-Geräten	6,7 Millionen US-Dollar

BIT Mining Limited (BTCM) - Canvas Business Model: Value Propositions

You're looking at the core things BIT Mining Limited (BTCM), now transitioning to SOLAI Limited, offers customers and the market as of late 2025. This isn't just about mining anymore; it's about infrastructure and ecosystem participation.

Stable, predictable yield from Solana staking and validator operations.

BIT Mining Limited is actively building out its Solana ecosystem participation. The company launched its first Solana validator and announced plans to build an SOL treasury of up to $300 million, with plans to raise up to $300 million for SOL acquisitions and infrastructure development. As of September 10, 2025, the company's SOL treasury stood at 44,412 SOL tokens, valued at approximately $9.95 million. The initial purchase to establish the treasury involved 27,191 SOL for approximately $4.89 million.

Access to high-capacity, geographically diversified, and clean-energy-focused data centers.

The company operates significant physical infrastructure. The Ohio Mining Site has a power capacity of 82.5 megawatt space. Furthermore, BIT Mining Limited completed the second phase of its Ethiopia data center acquisition, bringing the total power capacity of those acquired centers to 51 megawatts. The Ohio site alone recognized $6.4 million in service fee revenue for the six months ended June 30, 2025.

Data Center Location	Stated Power Capacity	H1 2025 Service Fee Revenue
Ohio Mining Site	82.5 MW space	$6.4 million
Ethiopia Acquired Centers (Total)	51 megawatts	Data not separately itemized for H1 2025

Diversified digital asset exposure beyond Bitcoin (SOL, DOGE, LTC).

While Bitcoin mining remains a core legacy function, the value proposition includes exposure to other assets. For the six months ended June 30, 2025, the company produced 10.5 million DOGE and 2,980 LTC, generating revenue of approximately $2.9 million from these operations. In March 2025 specifically, self-mined BTC production was 6.59 BTC, while hosted clients generated 34.96 BTC.

Infrastructure for the emerging Real-World Assets (RWA) tokenization market.

The strategic pivot is formalized by the name change to SOLAI Limited, effective October 20, 2025. SOLAI Limited joined the RWA Alliance as a Founding Member on October 21, 2025, specifically to advance the Tokenization of Green Energy Assets. The company also launched DOLAI, a USD-denominated stablecoin on the Solana Blockchain.

Hosting services for third-party miners seeking operational efficiency.

BIT Mining Limited provides hosting services leveraging its infrastructure. For the six months ended June 30, 2025, the Data Center business generated $6.4 million in service fee revenue. This segment supports third-party miners, as evidenced by the 34.96 BTC produced for hosted clients in March 2025.

You should review the planned capital raise of up to $300 million against the H1 2025 net loss of $13.9 million. Finance: draft 13-week cash view by Friday.

BIT Mining Limited (BTCM) - Canvas Business Model: Customer Relationships

You're looking at the relationships BIT Mining Limited (BTCM), now transitioning to SOLAI Limited, maintains with its various customer groups as of late 2025. The focus has clearly split between servicing existing infrastructure clients and building a new relationship with the Solana ecosystem and its investors.

Automated, high-uptime service delivery for data center hosting clients.

For the clients relying on the physical infrastructure, the relationship is defined by service delivery metrics tied to the operational assets. The Ohio Mining Site maintains a power capacity of 82.5 MW for hosting services. During the first half of 2025, this data center business segment recognized $6.4 million in service fee revenue. This revenue stream is supported by the ongoing buildout in Ethiopia, where the second closing of the acquisition finalized in July 2025, aiming for a total site capacity of 51 MW across both locations. For context on the service volume, in February 2025, 36.854 BTC was generated specifically for hosted clients, dropping slightly to 34.96 BTC for hosted clients in March 2025.

Direct, transparent communication regarding the strategic pivot to Solana.

The communication around the strategic pivot is direct, marked by significant corporate action. The company officially began trading under the new name SOLAI Limited and ticker SLAI effective October 20, 2025. This shift was accompanied by plans to raise between $200 million and $300 million in phases to fund the new direction. Management communicated the commitment by detailing treasury actions; as of September 10, 2025, the SOL treasury reached over 44,412 SOL, valued at approximately $9.95 million. Furthermore, the company announced joining the RWA Alliance as a founding member on October 21, 2025, signaling a concrete commitment to the tokenization space.

Investor relations focused on long-term value creation in the new ecosystem.

Investor relations are now centered on justifying the pivot away from pure mining profitability, which saw a net loss attributable to BIT Mining Limited of $13.9 million for the six months ended June 30, 2025. The narrative is about long-term value, supported by the new asset base. The company's total shares outstanding as of December 2025 stood at 12,933,509. The initial commitment to the Solana treasury by July 2025 included an acquisition of $7.1 million worth of SOL, which management emphasizes as a core element for generating future yield.

Self-service platforms for mining pool participants (legacy).

The legacy relationship with independent mining pool participants has been largely divested. BIT Mining Limited sold the BTC.com bitcoin mining pool business for $5 million in December 2023. This means the current customer relationship in this segment is minimal or non-existent, as the primary pool operation was sold off, though the company retains the BTC.com domain and explorer.

Here's a quick look at the operational and financial anchors for these relationships:

Relationship Metric	Data Point (Late 2025 Context)	Associated Segment
Data Center Revenue (H1 2025)	$6.4 million	Hosting Clients
BTC Mined for Hosted Clients (Feb 2025)	36.854 BTC	Hosting Clients
BTC Mined for Hosted Clients (Mar 2025)	34.96 BTC	Hosting Clients
Ohio Facility Power Capacity	82.5 MW	Hosting Clients
Planned SOL Treasury Raise Target	$200 million to $300 million	Investor Relations/Solana Pivot
SOL Treasury Value (Sep 10, 2025)	Approximately $9.95 million	Investor Relations/Solana Pivot
Total SOL in Treasury (Sep 10, 2025)	Over 44,412 SOL	Investor Relations/Solana Pivot
Shares Outstanding (Dec 2025)	12,933,509	Investor Relations
Legacy Pool Sale Price	$5 million	Mining Pool Participants

The company's operational output from its self-mining fleet in H1 2025 produced 17.3 BTC from BTC operations and recognized US$1.7 million in revenue from that specific activity. For the DOGE/LTC operations in the same period, revenue totaled approximately US$2.9 million.

The shift is also reflected in the treasury: the company acquired $7.1 million worth of SOL by July 2025, and its self-operated validator node is now online, which is a direct service/relationship offering to the Solana network itself.

Finance: review the cash burn rate against the $1.2 million cash and cash equivalents as of June 30, 2025, by next Tuesday.

BIT Mining Limited (BTCM) - Canvas Business Model: Channels

Direct sales and contracts for data center hosting services are channeled through established operational sites, such as the 82.5 megawatt space at the Ohio Mining Site. For the six months ended June 30, 2025, this channel generated approximately $6.4 million in service fee revenue. The direct cost of revenue associated with the data center business for the same period was $11.0 million.

The company's securities are accessible via the NYSE trading platform for American Depositary Shares (ADS). The ticker symbol was BTCM, which officially transitioned to SLAI effective October 20, 2025. On October 10, 2025, the closing price for the ADS was $2.660, with a trading volume of 540,214 shares. By October 20, 2025, the price was reported at $2.73.

Financial disclosures and corporate updates are disseminated through the corporate website and investor relations portals. For instance, the unaudited financial results for the six months ended June 30, 2025, were reported on August 14, 2025. Total revenues for that six-month period reached US$11.0 million.

Direct-to-protocol interaction is established via the self-operated Solana validator node. This node was launched on August 5, 2025. This operational channel is supported by a growing SOL treasury. The initial purchase included 27,191 SOL for an aggregate price of approximately US$4.89 million. As of H1 2025, the company had acquired $7.1 million worth of SOL for treasury reserves. Further expansion included a purchase of 17,221 SOL, valued at about $9.95 million as of September 10, 2025, bringing the total treasury to 44,412 SOL. The company has stated plans to raise up to $300 million to fund further SOL acquisitions.

Here's a quick look at the key financial metrics related to these channels as of late 2025:

Channel Metric	Value	Period/Date
Data Center Hosting Revenue (H1 2025)	$6.4 million	Six Months Ended June 30, 2025
Ohio Data Center Capacity	82.5 megawatt space	As of H1 2025
ADS Closing Price (BTCM)	$2.660	October 10, 2025
ADS Trading Volume	540,214	October 10, 2025
New Ticker Symbol Effective Date	October 20, 2025	Effective Date
Initial SOL Validator Purchase Amount	$4.89 million	August 2025
SOL Treasury Holdings (Total SOL)	44,412 SOL	September 10, 2025
Planned SOL Acquisition Funding	$300 million	Stated Plan

The company utilizes its infrastructure and treasury strategy across several key areas:

• Direct sales contracts for hosting services at the Ohio site.
• Trading of American Depositary Shares on the NYSE under the ticker SLAI (formerly BTCM).
• Issuance of financial reports via investor relations portals.
• Direct participation in the Solana network via the self-operated validator node.
• Staking of acquired SOL holdings to generate on-chain rewards.

BIT Mining Limited (BTCM) - Canvas Business Model: Customer Segments

You're looking at the customer base for BIT Mining Limited, which, as of late 2025, is undergoing a significant transformation. The segments reflect both the legacy business and the aggressive new strategy centered on the Solana ecosystem. Honestly, the shift means the company is now courting two very different sets of clients.

Institutional and large-scale third-party cryptocurrency miners

This group represents the traditional core of the Data Center business, where BIT Mining Limited provides hosting services for their mining hardware. The revenue from this segment was substantial in the first half of 2025, though competitive pressures forced some pricing adjustments. The physical infrastructure supporting these customers is considerable, demonstrating the scale of this segment's importance to the legacy model.

The operational footprint supporting these miners includes:

• Data Center Business Revenue (H1 2025): US$6.4 million.
• Ohio Mining Site Power Capacity: 82.5 MW.
• Ethiopia Site Total Power Capacity Target: 51 MW.
• BTC Mined for Hosted Clients (March 2025): 34.96 BTC.
• BTC Mined for Hosted Clients (February 2025): 36.854 BTC.

If onboarding takes 14+ days, churn risk rises due to competitive hosting rates.

Digital asset investors seeking exposure to the Solana ecosystem

This is the primary target for the company's strategic pivot, positioning BIT Mining Limited (soon to be SOLAI Limited) as a publicly traded proxy for the Solana blockchain. These investors are not necessarily interested in Bitcoin mining but want direct, listed exposure to SOL's growth narrative. The company is backing this strategy with significant capital deployment plans and direct network participation.

The commitment to this segment is quantified by the planned capital raise and the current treasury holdings:

Metric	Value/Target
Planned Capital Raise for SOL Strategy	$200 million to $300 million
SOL Treasury (as of September 10, 2025)	44,412 SOL
Value of SOL Treasury (as of September 10, 2025)	Approximately $9.95 million

The company plans to earn staking rewards by operating Solana validator nodes, which directly appeals to investors focused on network participation and yield.

Retail and institutional investors in the NYSE-listed stock

These are the equity holders of the company, trading under NYSE: BTCM, which is scheduled to change to SLAI effective October 20, 2025. Investor sentiment has been highly reactive to the Solana news, though Wall Street coverage remains thin. You're looking at a stock that saw a massive rally in July 2025, but the underlying operational performance shows strain.

Key financial metrics for the equity segment as of late 2025 include:

• Stock Price High (July 10, 2025, post-announcement): $5.84.
• Market Capitalization (as of September 26, 2025): $42.76M.
• Market Capitalization (Q3 2025): $44.12M.
• Analyst Consensus Rating (Last 12 months): 'Reduce'.
• Total Revenues (H1 2025): US$11.0 million.
• Net Loss Attributable (H1 2025): $13.9 million.

The stock is being marketed as an indirect, diversified means of gaining exposure to Solana, similar to the MSTR narrative with Bitcoin.

Solana ecosystem participants and developers (future focus)

This segment represents the future product and partnership focus, moving beyond just holding SOL to actively building within the ecosystem. This involves creating infrastructure that connects traditional finance and AI applications to the Solana network, which is a clear move to capture developer and institutional adoption within that specific chain.

The concrete steps toward engaging this segment include:

• Launching DOLAI, a USD-denominated stablecoin on the Solana Blockchain.
• Partnering with Brale Inc. for the stablecoin launch.
• Focusing DOLAI on connecting AI agents, merchants, consumers, and institutional finance.
• Operating validator nodes to support network decentralization and earn staking rewards.

The company is also joining the RWA Alliance as a Founding Member to advance tokenization of Green Energy Assets as of October 21, 2025.

BIT Mining Limited (BTCM) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive BIT Mining Limited's operations, which, as of late 2025, are heavily weighted toward infrastructure and energy. Honestly, for a mining operation, the cost structure is almost entirely about power contracts and capital deployment for scale.

For the first half of 2025, the reported Operating costs and expenses totaled US$24.5 million. This figure represented an increase of US$2.7 million compared to the same period in 2024, which was US$21.8 million.

Drilling down into those operating costs, the direct cost of revenue was comprised of:

• Direct cost of revenue of US$11.0 million.
• Depreciation and amortization expenses of US$5.3 million.

General and administrative expenses for the six months ended June 30, 2025, were US$8.2 million, up US$1.5 million, or 22.4%, from US$6.7 million in the prior year period.

The single most significant component of the ongoing expense is the high electricity and hosting costs for mining operations. The strategic move to Ethiopia was explicitly about mitigating this. While the global average industrial rate in 2025 hovers around $0.05-$0.07 per kWh, BIT Mining Limited sought rates as low as $0.02-$0.03 per kWh by tapping into Ethiopia's energy sources, which were reported to be nearly 70% cheaper than in Ohio.

The capital expenditure for data center build-out, particularly the 51 MW Ethiopia site, was a major outlay. The acquisition, completed in phases through July 2025, involved a significant commitment to secure this low-cost power base. Here's the quick math on that deal structure:

Component	Amount (USD)
Total Consideration for 51 MW Facility & Rigs	$14.28 million
Cash Payment (Approximate)	$2.265 million
Class A Ordinary Shares Issued (Approximate Value)	$12.015 million

This investment in infrastructure is designed to lower the variable cost of production over the long term. As of March 2025, the cost per self-mined BTC was reported to be approximately $65,831. This figure is a key metric for assessing the efficiency of their deployed fleet against the market price at that time.

Furthermore, as part of its strategic shift into the Solana ecosystem, BIT Mining Limited incurred costs for treasury asset acquisition. The company acquired $7.1 million worth of SOL for its treasury reserves during the first half of 2025, which it then staked to generate yield.

To be fair, the cost structure is a balance between high fixed capital deployment (like the Ethiopia site) and variable operational costs (electricity). Finance: draft 13-week cash view by Friday.

BIT Mining Limited (BTCM) - Canvas Business Model: Revenue Streams

You're looking at how BIT Mining Limited, soon to be SOLAI Limited, is bringing in cash as of late 2025. It's a mix of legacy mining services and a sharp pivot into the Solana ecosystem. Honestly, the numbers for the first half of the year show the transition isn't without its bumps.

Total revenues from continuing operations were US$11.0 million for H1 2025. That's a significant drop, down 43.3% from the US$19.4 million seen in H1 2024. Still, we can break down where that $11.0 million actually came from.

The core revenue streams for the first half of 2025 are clearly delineated between infrastructure services and direct crypto operations. Here's the quick math on the two main operational revenue sources:

Revenue Source	H1 2025 Amount (US$)	Context/Driver
Data center hosting services revenue	US$6.4 million	Primarily from the 82.5-megawatt space at the Ohio Mining Site; saw a decrease due to customer retention discounts.
Self-mining revenue (BTC, DOGE, and LTC)	US$4.6 million	Impacted by increased network difficulty and price volatility forcing some machine shutdowns.

The data center hosting revenue of US$6.4 million represented a decrease of US$3.9 million compared to the same period last year. That tells you customer retention efforts are costing top-line revenue, but perhaps saving the customer relationship, which is a trade-off you see often.

For the staking side, BIT Mining Limited has made a clear strategic move. They are generating yield from staking their treasury reserves, which is a newer, non-mining revenue focus. This is powered by their investment in the Solana ecosystem.

• Acquired 27,191 SOL for approximately US$4.89 million in August 2025.
• Expanded treasury to over 44,000 SOL (specifically 44,412 SOL as of September 10, 2025).
• The 44,412 SOL treasury was valued at approximately $9.95 million as of September 10, 2025.
• Launched a self-operated validator node to stake these holdings and earn on-chain rewards.

Then you have the future potential, which is where the strategy gets interesting, especially with the planned rebrand to SOLAI Limited effective October 20, 2025. If onboarding takes 14+ days, churn risk rises, but new product launches can offset that. The company is actively exploring these avenues for growth, which are not yet reflected as material revenue in the H1 2025 report.

• Potential future revenue from the DOLAI stablecoin, which is USD-denominated and launching on the Solana Blockchain in partnership with Brale Inc.
• Potential future revenue from RWA tokenization services, leveraging their infrastructure expertise.

So, to be defintely clear on the H1 2025 picture, the sum of the two primary continuing operations streams nets out to the reported total:

US$6.4 million (Hosting) + US$4.6 million (Self-Mining) = US$11.0 million Total Revenues from Continuing Operations for H1 2025. Finance: draft the Q3 2025 revenue projection incorporating expected SOL staking yield by next Tuesday.