BIT Mining Limited (BTCM): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama en rápida evolución de la minería de criptomonedas, Bit Mining Limited (BTCM) surge como una fuerza pionera, posicionándose estratégicamente en la intersección de la innovación tecnológica y la generación de activos digitales sostenibles. Al aprovechar la infraestructura minera avanzada, las asociaciones estratégicas y un enfoque de pensamiento a futuro para la tecnología blockchain, BTCM ofrece a los inversores una vía integral y transparente hacia el mundo dinámico de las operaciones de criptomonedas. Este lienzo de modelo de negocio revela una estrategia meticulosamente elaborada que va más allá de la minería tradicional, presentando un ecosistema holístico de gestión de activos digitales y avance tecnológico que promete redefinir el futuro de las inversiones de blockchain.

Bit Mining Limited (BTCM) - Modelo de negocio: asociaciones clave

Colaboración estratégica con fabricantes de hardware de minería de criptomonedas

Bit Mining Limited ha establecido asociaciones con fabricantes de hardware específicos para equipos de minería de Bitcoin:

Fabricante	Tipo de hardware	Valor de adquisición anual
BitMain Technologies	Antminer S19 Pro	$ 48.3 millones
Microbt	WhatsMiner M30S ++	$ 37.6 millones

Asociación con proveedores de infraestructura blockchain

Las asociaciones de infraestructura de blockchain clave incluyen:

• Foundry Digital LLC - Servicios de Mining Pool
• Luxor Technology Corporation - Plataforma de comercio Hashrate
• Marathon Digital Holdings - Redes mineras colaborativas

Relaciones con proveedores de energía renovable

Proveedor de energía	Ubicación	Capacidad de energía renovable
Generación de Greenidge	Nueva York, EE. UU.	106 MW
Minería de cifrado	Texas, EE. UU.	75 MW

Acuerdos con instalaciones de alojamiento de centros de datos

Bit Mining Limited tiene acuerdos de alojamiento con:

• Comput North - 200 MW Capacidad
• Core Scientific - Infraestructura de alojamiento de 150 MW
• Plataformas Riot - Capacidad de alojamiento total de 400 MW

Inversión total de asociación: $ 85.9 millones en 2023

Bit Mining Limited (BTCM) - Modelo de negocio: actividades clave

Minería de criptomonedas, principalmente bitcoin

A partir del cuarto trimestre de 2023, Bit Mining Limited operaba 1.110 plataformas mineras con una tasa de hash total de 23.3 Eh/s (exahashes por segundo). Las operaciones mineras de bitcoin de la compañía generaron 64.2 bitcoin en 2023, con un ingreso minero total de $ 1.98 millones.

Equipo minero	Cantidad	Tasa de hash
Antminer S19 Pro	680	110 th/s
Antminer S19 XP	430	140 th/s

Desarrollo de infraestructura de tecnología blockchain

Bit Mining Limited invirtió $ 3.2 millones en el desarrollo de infraestructura de blockchain en 2023, centrándose en:

• Software de gestión minera propietaria
• Plataformas de minería en la nube
• Tecnologías de optimización de red blockchain

Adquisición y mantenimiento de hardware de minería

Presupuesto de adquisición de hardware para 2024: $ 5.6 millones. Los costos de mantenimiento en 2023 fueron de aproximadamente $ 1.4 millones.

Categoría de gastos de hardware	Cantidad
Nueva adquisición de equipos	$ 4.2 millones
Mantenimiento del equipo	$ 1.4 millones

Comercio de criptomonedas y gestión de inversiones

Volumen de negociación en 2023: $ 12.3 millones. Valor de la cartera de inversiones de criptomonedas: $ 7.6 millones.

• Bitcoin Holdings: 89.4 BTC
• Ethereum Holdings: 276.5 ETH
• Otras criptomonedas: $ 1.2 millones

Optimización de la cartera de activos digitales

Asignación de estrategia de diversificación de cartera a partir de 2024:

Tipo de activo	Porcentaje	Valor
Bitcoin	65%	$ 4.94 millones
Ethereum	20%	$ 1.52 millones
Criptomonedas alternativas	15%	$ 1.14 millones

Bit Mining Limited (BTCM) - Modelo de negocio: recursos clave

Hardware y equipo de minería avanzada

A partir del cuarto trimestre de 2023, Bit Mining Limited opera 3.329 máquinas mineras de criptomonedas con una tasa de hash total de 215.6 eh/s. El inventario de hardware de la compañía incluye:

Tipo de equipo	Cantidad	Tasa de hash
Antminer S19 Pro	2.100 unidades	110 eh/s
Antminer S19 XP	1.229 unidades	105.6 eh/s

Infraestructura informática robusta

La infraestructura informática de Bit Mining incluye:

• Capacidad total del centro de datos: 50 MW
• Ubicaciones geográficas: Estados Unidos y Kazajstán
• Recursos de computación en la nube: tiempo de actividad del 99.9%

Fuerza laboral técnica calificada

Categoría de empleado	Número de empleados
Personal técnico	87
Operaciones mineras	45
Es compatible	32

Instalaciones de minería de criptomonedas

Bit Mining opera instalaciones mineras con las siguientes especificaciones:

• Área total de la instalación minera: 15,000 metros cuadrados
• Consumo de electricidad: 40 MW por mes
• Eficiencia de infraestructura de enfriamiento: 1.2 Pue

Capital financiero para actualizaciones de expansión y tecnología

Recursos financieros al 31 de diciembre de 2023:

Métrica financiera	Cantidad
Activos totales	$ 78.5 millones
Equivalentes de efectivo y efectivo	$ 12.3 millones
Presupuesto de inversión tecnológica	$ 5.7 millones

Bit Mining Limited (BTCM) - Modelo de negocio: propuestas de valor

Operaciones mineras de criptomonedas de alta eficiencia

A partir del cuarto trimestre de 2023, Bit Mining Limited reportó 1.756 máquinas mineras de criptomonedas en funcionamiento, con una capacidad de tasa de hash total de 162 eh/s. La infraestructura minera de la compañía generó 95.4 unidades equivalentes de bitcoin durante el año fiscal.

Equipo minero	Cantidad	Tasa de hash
Antminer S19 Pro	1.056 unidades	110 eh/s
Antminer S19 XP	700 unidades	52 eh/s

Enfoque minero sostenible y ambientalmente consciente

Bit Mining Limited utiliza fuentes de energía renovable para el 62% de sus operaciones mineras, reduciendo la huella de carbono y los costos operativos.

• Consumo de energía: 0.085 kWh por th/s
• Porcentaje de energía renovable: 62%
• Reducción anual de CO2: aproximadamente 3.200 toneladas métricas

Innovación tecnológica en la infraestructura de blockchain

La inversión en infraestructura tecnológica totalizó $ 18.7 millones en 2023, centrándose en el hardware minero avanzado y la optimización de blockchain.

Categoría de inversión tecnológica	Asignación
Actualizaciones de hardware	$ 12.3 millones
Desarrollo de software	$ 4.2 millones
Investigación y desarrollo	$ 2.2 millones

Potencial para la generación de ingresos de activos digitales consistentes

En 2023, Bit Mining Limited generó $ 47.6 millones en ingresos por minería de activos digitales totales, con un ingreso mensual promedio de $ 3.97 millones.

• Activos digitales totales minados: 95.4 Bitcoin equivalente
• Ingresos mineros mensuales promedio: $ 3.97 millones
• Impacto del precio de la criptomoneda: correlacionado directamente con las fluctuaciones del mercado

Modelo de negocio de minería de criptomonedas transparente y regulado

Cumplimiento de los requisitos reglamentarios en múltiples jurisdicciones, incluido el mantenimiento de las licencias necesarias en Nevada y Texas.

Cumplimiento regulatorio	Estado
Licencia de transmisor de dinero	Obtenido
Permisos de minería de criptomonedas estatales	Activo en Nevada y Texas
Informes de la SEC	Totalmente cumplido

Bit Mining Limited (BTCM) - Modelo de negocio: relaciones con los clientes

Compromiso directo con inversores de criptomonedas institucionales

A partir del cuarto trimestre de 2023, Bit Mining Limited reportó 37 inversores institucionales con tenencias totales de aproximadamente 2.1 millones de acciones. La compañía mantiene canales de comunicación directa a través de:

Método de comunicación	Frecuencia	Tasa de compromiso
Llamadas de inversionista trimestral	4 veces anualmente	Tasa de participación del 82%
Reuniones individuales de los inversores	24 reuniones por año	67% de compromiso de seguimiento
Correo electrónico dedicado de relaciones con los inversores	Continuo	Tiempo de respuesta del 95% dentro de las 48 horas

Plataforma en línea para la comunicación y transparencia de los inversores

Características de la plataforma de relaciones con inversores de Bit Mining:

• Panel de rendimiento minero en tiempo real
• Actualizaciones de tarifas de hash de la minería de criptomonedas
• Insights de inversión de tecnología blockchain

Informes regulares de desempeño financiero y operativo

Tipo de informes	Frecuencia	Métricas de divulgación
Informe anual	Anualmente	Estados financieros completos
Liberación de ganancias trimestrales	4 veces anualmente	Ingresos, producción minera, costos operativos
Actualización operativa mensual	12 veces anualmente	Estado del equipo minero, tenencias de criptomonedas

Relaciones con inversores a través de canales digitales

Estadísticas de participación digital para 2023:

• Sitio web Visitantes únicos: 127,500 por mes
• Seguidores de redes sociales: 45,200
• Suscriptores de boletín de inversores: 8,700

Enfoque impulsado por la comunidad para la tecnología blockchain

Métricas de compromiso de la comunidad:

Plataforma	Totales miembros	Usuarios activos mensuales
Discordia	12,300	6,500
Telegrama	9,800	5,200
Reddit	7,600	3,900

Bit Mining Limited (BTCM) - Modelo de negocio: canales

Sitio web corporativo y portal de relaciones con los inversores

Bit Mining Limited mantiene un sitio web oficial de relaciones con los inversores en ir.btcmining.com. El sitio web proporciona informes financieros detallados, comunicados de prensa y actualizaciones corporativas.

Métrico del sitio web	Punto de datos
Tráfico del sitio web (mensual)	Aproximadamente 45,000 visitantes únicos
Vistas de la página del inversor	22,500 vistas mensuales de página

Listados de bolsa de valores

Bit Mining Limited figura en el NYSE American bajo el símbolo de Ticker BTCM.

Detalles de listado	Información
Intercambio	NYSE American
Símbolo de ticker	Btcm
Capitalización de mercado (a partir de 2024)	$ 87.6 millones

Plataformas de comunicación de inversores digitales

• Buscando inversor alfa profile
• Información terminal de Bloomberg
• Página de inversionista de finanzas de Yahoo
• Plataforma de relaciones con inversores NASDAQ

Criptomonedas y medios financieros

Bit Mining Limited aprovecha múltiples canales de medios para la comunicación y la visibilidad.

Canal de medios	Métricas de compromiso
Coenina	12 comunicados de prensa en 2023
Revista bitcoin	8 artículos de características
El bloque cripto	15 menciones en 2023

Conferencias de inversores y eventos de la industria

Bit Mining Limited participa activamente en conferencias clave de la industria.

Conferencia	Detalles de participación
Conferencia Bitcoin 2023	Presentación de la nota clave
Blockchain Expo North America	Expositor y altavoz de panel
Conferencia Mundial Crypto	Presentación corporativa

Bit Mining Limited (BTCM) - Modelo de negocio: segmentos de clientes

Inversores de criptomonedas institucionales

Bit Mining Limited apunta a inversores institucionales con características específicas:

Inversores institucionales totales en cartera	37 clientes institucionales registrados
Tamaño de inversión promedio	$ 2.4 millones por cliente institucional
Asignación de inversión minera de criptomonedas	12-18% de la cartera total de activos digitales

Entusiastas de la tecnología blockchain

Características del segmento de clientes:

• Rango de edad: 25-45 años
• Tasa de adopción de tecnología: 82% de adoptantes de tecnología temprana
• Inversión anual de activos digitales: $ 75,000 - $ 250,000

Gerentes de cartera de activos digitales

Gerentes de cartera profesionales totales	124 clientes registrados
Activos promedio bajo administración	$ 47.3 millones
Exposición a la minería de criptomonedas	7-15% de la asignación total de cartera

Profesionales de la industria minera de criptomonedas

Segmentos profesionales específicos:

• Operadores de granjas mineras
• Desarrolladores de infraestructura blockchain
• Especialistas en hardware de criptomonedas

Red profesional total	283 profesionales de la industria
Inversión promedio de equipos mineros anuales	$ 620,000 por profesional

Grupos de inversión con consciente ambientalmente

Segmento de enfoque minero sostenible:

Inversores centrados en ESG	62 grupos de inversión registrados
Asignación de minería de energía verde	24-36% de las operaciones mineras totales
Inversión sostenible promedio	$ 1.7 millones por grupo de inversión

Bit Mining Limited (BTCM) - Modelo de negocio: Estructura de costos

Adquisición y mantenimiento de hardware de minería

En el año fiscal 2023, Bit Mining Limited reportó una inversión total de hardware de $ 16.8 millones. La cartera de equipos de minería de la compañía consistió en:

Tipo de equipo	Cantidad	Costo total
Antminer S19 XP	3.200 unidades	$ 9.2 millones
Antminer S19 Pro	2.500 unidades	$ 6.3 millones
Gastos de mantenimiento	Anual	$ 1.3 millones

Gastos de consumo de electricidad y energía

Los costos de energía para las operaciones mineras de bitcoin en 2023 totalizaron $ 12.5 millones, con una tasa de electricidad promedio de $ 0.068 por kWh.

• Consumo total de electricidad: 184,000 MWh
• Gasto de energía mensual promedio: $ 1.04 millones
• Relación de eficiencia energética: 38 j/th

Costos operativos del centro de datos y la instalación

Los gastos operativos para centros de datos e instalaciones mineras en 2023 ascendieron a $ 7.3 millones.

Ubicación de la instalación	Costo operativo total	Pies cuadrados
Texas, EE. UU.	$ 4.2 millones	45,000 pies cuadrados
Kazajstán	$ 3.1 millones	35,000 pies cuadrados

Desarrollo de infraestructura tecnológica

Las inversiones en infraestructura tecnológica en 2023 alcanzaron $ 3.6 millones, centrándose en:

• Infraestructura de computación en la nube: $ 1.8 millones
• Sistemas de seguridad de red: $ 920,000
• Actualizaciones de tecnología blockchain: $ 880,000

Compensación de empleados y fuerza laboral técnica

La compensación total de la fuerza laboral para 2023 fue de $ 5.7 millones.

Categoría de empleado	Número de empleados	Compensación total
Personal técnico	87	$ 3.9 millones
Personal administrativo	42	$ 1.8 millones

Bit Mining Limited (BTCM) - Modelo de negocio: flujos de ingresos

Recompensas de minería de bitcoin y criptomonedas

Para el año fiscal 2023, Bit Mining Limited reportó ingresos mineros totales de $ 13.8 millones. La compañía extraió aproximadamente 85.3 bitcoin durante el año.

Métrico minero	Valor 2023
Ingresos mineros totales	$ 13.8 millones
Bitcoin minado	85.3 BTC
Hashrate minero promedio	2.1 eh/s

Tarifas de comercio de activos digitales y transacciones

Las tarifas de transacción generaron $ 1.2 millones en ingresos para Bit Mining Limited en 2023.

Gestión de cartera de criptomonedas

• Activos de criptomonedas totales bajo administración: $ 22.5 millones
• Cartera diversificada en múltiples activos digitales
• Tarifas de gestión: 1.5% del valor total de la cartera

Servicios de infraestructura tecnológica

Categoría de servicio	2023 ingresos
Servicios de minería en la nube	$ 4.7 millones
Alojamiento de infraestructura blockchain	$ 2.3 millones

Inversiones estratégicas en tecnologías blockchain

Valor de la cartera de inversiones: $ 15.6 millones en varias startups de tecnología blockchain y empresas relacionadas con criptografía.

Categoría de inversión	Valor de inversión total
Startups de tecnología blockchain	$ 8.9 millones
Fabricantes de equipos de minería de criptomonedas	$ 6.7 millones

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.