Bit Mining Limited (BTCM): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage en évolution rapide de l'extraction de la crypto-monnaie, Bit Mining Limited (BTCM) émerge comme une force pionnière, se positionnant stratégiquement à l'intersection de l'innovation technologique et de la génération d'actifs numériques durables. En tirant parti de l'infrastructure minière avancée, des partenariats stratégiques et une approche avant-gardiste de la technologie de la blockchain, BTCM offre aux investisseurs une voie complète et transparente vers le monde dynamique des opérations de crypto-monnaie. Cette toile de modèle commercial révèle une stratégie méticuleusement conçue qui va au-delà de l'exploitation minière traditionnelle, présentant un écosystème holistique de gestion des actifs numériques et de progrès technologique qui promet de redéfinir l'avenir des investissements en blockchain.

Bit Mining Limited (BTCM) - Modèle commercial: partenariats clés

Collaboration stratégique avec les fabricants de matériel d'extraction de crypto-monnaie

Bit Mining Limited a établi des partenariats avec des fabricants de matériel spécifiques pour l'équipement d'extraction de Bitcoin:

Fabricant	Type de matériel	Valeur d'achat annuelle
Bitmain Technologies	Antmin S19 Pro	48,3 millions de dollars
Microb	Whatsmin M30S ++	37,6 millions de dollars

Partenariat avec les fournisseurs d'infrastructures de blockchain

Les partenariats clés de l'infrastructure de la blockchain comprennent:

• Foundry Digital LLC - Mining Pool Services
• Luxor Technology Corporation - Plateforme de trading Hashrate
• Marathon Digital Holdings - Networks Collaborative Mining Networks

Relations avec les fournisseurs d'énergies renouvelables

Fournisseur d'énergie	Emplacement	Capacité d'énergie renouvelable
Génération Greenidge	New York, États-Unis	106 MW
Exploitation de chiffre	Texas, États-Unis	75 MW

Accords avec des installations d'hébergement de centre de données

Bit Mining Limited a des accords d'hébergement avec:

• Calculer la capacité du nord - 200 MW
• Core Scientific - Infrastructure d'hébergement de 150 MW
• Plateformes anti-émeute - 400 MW Capacité d'hébergement totale

Investissement total de partenariat: 85,9 millions de dollars en 2023

Bit Mining Limited (BTCM) - Modèle d'entreprise: Activités clés

Extraction de crypto-monnaie, principalement Bitcoin

Depuis le quatrième trimestre 2023, Bit Mining Limited a exploité 1 110 plates-formes minières avec un taux de hachage total de 23,3 EH / s (exahashes par seconde). Les opérations d'extraction de Bitcoin de l'entreprise ont généré 64,2 Bitcoin en 2023, avec un chiffre d'affaires minière total de 1,98 million de dollars.

Équipement d'exploitation	Quantité	Taux de hachage
Antmin S19 Pro	680	110 th / s
Antmin S19 XP	430	140 th / s

Développement d'infrastructures technologiques de la blockchain

Bit Mining Limited a investi 3,2 millions de dollars dans le développement des infrastructures blockchain en 2023, en se concentrant sur:

• Logiciel de gestion des mines propriétaires
• Plates-formes d'exploitation cloud
• Technologies d'optimisation du réseau blockchain

Procurement et maintenance du matériel minière

Budget d'approvisionnement matériel pour 2024: 5,6 millions de dollars. Les coûts de maintenance en 2023 étaient d'environ 1,4 million de dollars.

Catégorie de dépenses matérielles	Montant
Nouvelle acquisition d'équipement	4,2 millions de dollars
Entretien de l'équipement	1,4 million de dollars

Trading et gestion des investissements de la crypto-monnaie

Volume de négociation en 2023: 12,3 millions de dollars. Valeur du portefeuille d'investissement de crypto-monnaie: 7,6 millions de dollars.

• Bitcoin Holdings: 89.4 BTC
• Ethereum Holdings: 276.5 ETH
• Autres crypto-monnaies: 1,2 million de dollars

Optimisation du portefeuille d'actifs numériques

Attribution de la stratégie de diversification du portefeuille en 2024:

Type d'actif	Pourcentage	Valeur
Bitcoin	65%	4,94 millions de dollars
Ethereum	20%	1,52 million de dollars
Crypto-monnaies alternatives	15%	1,14 million de dollars

Bit Mining Limited (BTCM) - Modèle d'entreprise: Ressources clés

Matériel minier avancé et équipement

Depuis le quatrième trimestre 2023, Bit Mining Limited exploite 3 329 machines d'extraction de crypto-monnaie avec un taux de hachage total de 215,6 EH / s. L'inventaire matériel de l'entreprise comprend:

Type d'équipement	Quantité	Taux de hachage
Antmin S19 Pro	2 100 unités	110 eh / s
Antmin S19 XP	1 229 unités	105.6 eh / s

Infrastructure informatique robuste

L'infrastructure informatique de Bit Mining comprend:

• Capacité totale du centre de données: 50 MW
• Emplacements géographiques: États-Unis et Kazakhstan
• Ressources de cloud computing: 99,9% de disponibilité

Main-d'œuvre technique qualifiée

Catégorie des employés	Nombre d'employés
Personnel technique	87
Opérations minières	45
Il soutient	32

Installations d'exploitation de crypto-monnaie

Bit Mining exploite des installations minières avec les spécifications suivantes:

• Zone totale des installations minières: 15 000 mètres carrés
• Consommation d'électricité: 40 MW par mois
• Efficacité de l'infrastructure de refroidissement: 1,2 pue

Capital financier pour l'expansion et les améliorations technologiques

Ressources financières au 31 décembre 2023:

Métrique financière	Montant
Actif total	78,5 millions de dollars
Equivalents en espèces et en espèces	12,3 millions de dollars
Budget d'investissement technologique	5,7 millions de dollars

Bit Mining Limited (BTCM) - Modèle d'entreprise: propositions de valeur

Opérations d'exploration de crypto-monnaie à haute efficacité

Depuis le quatrième trimestre 2023, Bit Mining Limited a déclaré que 1 756 machines d'exploitation d'exploitation de crypto-monnaie en fonctionnement, avec une capacité de taux de hachage totale de 162 EH / s. L'infrastructure minière de la société a généré 95,4 unités équivalentes Bitcoin au cours de l'exercice.

Équipement d'exploitation	Quantité	Taux de hachage
Antmin S19 Pro	1 056 unités	110 eh / s
Antmin S19 XP	700 unités	52 eh / s

Approche minière durable et soucieuse de l'environnement

Bit Mining Limited utilise des sources d'énergie renouvelables pour 62% de ses opérations minières, réduisant l'empreinte carbone et les coûts opérationnels.

• Consommation d'énergie: 0,085 kWh par th / s
• Pourcentage d'énergie renouvelable: 62%
• Réduction annuelle du CO2: environ 3 200 tonnes métriques

Innovation technologique dans les infrastructures de la blockchain

L'investissement dans les infrastructures technologiques a totalisé 18,7 millions de dollars en 2023, en se concentrant sur l'optimisation avancée du matériel minier et de la blockchain.

Catégorie d'investissement technologique	Allocation
Mises à niveau matériel	12,3 millions de dollars
Développement de logiciels	4,2 millions de dollars
Recherche et développement	2,2 millions de dollars

Potentiel de génération cohérente des revenus d'actifs numériques

En 2023, Bit Mining Limited a généré 47,6 millions de dollars de revenus totaux d'extraction d'actifs numériques, avec un chiffre d'affaires mensuel moyen de 3,97 millions de dollars.

• Total des actifs numériques extraits: 95,4 Bitcoin équivalent
• Revenus mines mensuels moyens: 3,97 millions de dollars
• Impact du prix de la crypto-monnaie: directement en corrélation avec les fluctuations du marché

Modèle commercial d'extraction de crypto-monnaie transparente et réglementée

Conformité aux exigences réglementaires dans plusieurs juridictions, notamment en maintenant les licences nécessaires au Nevada et au Texas.

Conformité réglementaire	Statut
Licence d'émetteur d'argent	Obtenu
État des permis d'extraction de crypto-monnaie	Actif au Nevada et au Texas
Reportage SEC	Pleinement conforme

Bit Mining Limited (BTCM) - Modèle d'entreprise: relations avec les clients

Engagement direct avec les investisseurs institutionnels de crypto-monnaie

Au quatrième trimestre 2023, Bit Mining Limited a déclaré 37 investisseurs institutionnels avec des avoirs totaux d'environ 2,1 millions d'actions. La société maintient les canaux de communication directs à travers:

Méthode de communication	Fréquence	Taux d'engagement
Appels d'investisseurs trimestriels	4 fois par an	Taux de participation de 82%
Réunions individuelles des investisseurs	24 réunions par an	Engagement de suivi à 67%
Email des relations avec les investisseurs dédiés	Continu	Temps de réponse à 95% dans les 48 heures

Plateforme en ligne pour la communication et la transparence des investisseurs

Caractéristiques de la plate-forme de relations avec les investisseurs de Bit Mining:

• Tableau de bord des performances minières en temps réel
• Mises à jour du taux de hachage d'extraction de la crypto-monnaie
• Blockchain Technology Investment Insights

Rapports de performance financière et opérationnelle régulière

Type de rapport	Fréquence	Métriques de divulgation
Rapport annuel	Annuellement	États financiers complets
Version trimestrielle des résultats	4 fois par an	Revenus, production minière, coûts opérationnels
Mise à jour opérationnelle mensuelle	12 fois par an	État de l'équipement d'exploitation, Holdings de crypto-monnaie

Relations des investisseurs à travers les canaux numériques

Statistiques d'engagement numérique pour 2023:

• Site Web Visiteurs uniques: 127 500 par mois
• Abonnés des médias sociaux: 45 200
• Abonnés à la newsletter des investisseurs: 8 700

Approche communautaire de la technologie de la blockchain

Métriques d'engagement communautaire:

Plate-forme	Total des membres	Utilisateurs actifs mensuels
Discorde	12,300	6,500
Télégramme	9,800	5,200
Reddit	7,600	3,900

Bit Mining Limited (BTCM) - Modèle commercial: canaux

Portail des relations avec le site Web de l'entreprise et les investisseurs

Bit Mining Limited maintient un site officiel de relations avec les investisseurs sur ir.btccmining.com. Le site Web fournit des rapports financiers détaillés, des communiqués de presse et des mises à jour de l'entreprise.

Métrique du site Web	Point de données
Trafic de site Web (mensuellement)	Environ 45 000 visiteurs uniques
Pages d'investisseurs View	22 500 pages vues mensuelles

Listes de bourses

Bit Mining Limited est répertorié sur le NYSE American Under the Ticker Symbol BTCM.

Détails de listing	Information
Échange	Nyse américain
Symbole de ticker	Btcm
Capitalisation boursière (à partir de 2024)	87,6 millions de dollars

Plateformes de communication des investisseurs numériques

• Recherche d'investisseur alpha profile
• Informations sur le terminal Bloomberg
• Page d'investisseur Yahoo Finance
• Plateforme de relations avec les investisseurs du NASDAQ

Crypto-monnaie et médias financiers

Bit Mining Limited Tivetages plusieurs canaux multimédias pour la communication et la visibilité.

Canal médiatique	Métriques d'engagement
Poindesk	12 communiqués de presse en 2023
Magazine Bitcoin	8 articles de caractéristiques
La crypto de blocs	15 mentions en 2023

Conférences des investisseurs et événements de l'industrie

Bit Mining Limited participe activement à des conférences clés de l'industrie.

Conférence	Détails de la participation
Bitcoin Conference 2023	Présentation principale
Blockchain Expo Amérique du Nord	Exposant et conférencier de panel
Conférence de la cryptographie mondiale	Présentation d'entreprise

Bit Mining Limited (BTCM) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels de crypto-monnaie

Bit Mining Limited cible les investisseurs institutionnels avec des caractéristiques spécifiques:

Investisseurs institutionnels totaux dans le portefeuille	37 clients institutionnels enregistrés
Taille moyenne de l'investissement	2,4 millions de dollars par client institutionnel
Attribution des investissements sur les mines de crypto-monnaie	12-18% du portefeuille total d'actifs numériques

Antariens de la technologie de la blockchain

Caractéristiques du segment de la clientèle:

• Tranche d'âge: 25 à 45 ans
• Taux d'adoption de la technologie: 82% des premiers adoptants de technologie
• Investissement annuel sur l'actif numérique: 75 000 $ - 250 000 $

Gestionnaires de portefeuille d'actifs numériques

Total des gestionnaires de portefeuille professionnel	124 clients enregistrés
Actifs moyens sous gestion	47,3 millions de dollars
Exposition à l'exploitation minière de la crypto-monnaie	7 à 15% de l'allocation totale du portefeuille

Professionnels de l'industrie des mines de crypto-monnaie

Segments professionnels ciblés:

• Opérateurs de la ferme minière
• Développeurs d'infrastructures de blockchain
• Spécialistes du matériel de crypto-monnaie

Réseau professionnel total	283 professionnels de l'industrie
Investissement moyen annuel d'équipement minier annuel	620 000 $ par professionnel

Groupes d'investissement soucieux de l'environnement

Segment de mise au point minière durable:

Investisseurs axés sur l'ESG	62 groupes d'investissement enregistrés
Allocation d'exploration d'énergie verte	24 à 36% des opérations minières totales
Investissement durable moyen	1,7 million de dollars par groupe d'investissement

Bit Mining Limited (BTCM) - Modèle d'entreprise: Structure des coûts

Acquisition et maintenance du matériel minière

Au cours de l'exercice 2023, Bit Mining Limited a déclaré un investissement total matériel de 16,8 millions de dollars. Le portefeuille d'équipements miniers de la société comprenait:

Type d'équipement	Quantité	Coût total
Antmin S19 XP	3 200 unités	9,2 millions de dollars
Antmin S19 Pro	2 500 unités	6,3 millions de dollars
Frais de maintenance	Annuel	1,3 million de dollars

Dépenses d'électricité et de consommation d'énergie

Les coûts énergétiques des opérations d'extraction de Bitcoin en 2023 ont totalisé 12,5 millions de dollars, avec un taux d'électricité moyen de 0,068 $ par kWh.

• Consommation totale d'électricité: 184 000 MWh
• Dépense énergétique mensuelle moyenne: 1,04 million de dollars
• Ratio d'efficacité énergétique: 38 J / Th

Contrôles opérationnels du centre de données et de l'installation

Les dépenses opérationnelles pour les centres de données et les installations minières en 2023 s'élevaient à 7,3 millions de dollars.

Emplacement de l'installation	Coût opérationnel total	En pieds carrés
Texas, États-Unis	4,2 millions de dollars	45 000 pieds carrés
Kazakhstan	3,1 millions de dollars	35 000 pieds carrés

Développement d'infrastructures technologiques

Les investissements en infrastructure technologique en 2023 ont atteint 3,6 millions de dollars, en se concentrant sur:

• Infrastructure de cloud computing: 1,8 million de dollars
• Systèmes de sécurité du réseau: 920 000 $
• Mises à niveau de la technologie de la blockchain: 880 000 $

Rémunération des employés et main-d'œuvre technique

L'indemnisation totale de la main-d'œuvre pour 2023 était de 5,7 millions de dollars.

Catégorie des employés	Nombre d'employés	Compensation totale
Personnel technique	87	3,9 millions de dollars
Personnel administratif	42	1,8 million de dollars

Bit Mining Limited (BTCM) - Modèle d'entreprise: Strots de revenus

Bitcoin et récompenses d'exploration de crypto-monnaie

Pour l'exercice 2023, Bit Mining Limited a déclaré un chiffre d'affaires total de 13,8 millions de dollars. La société a extrait environ 85,3 Bitcoin au cours de l'année.

Métrique minière	Valeur 2023
Revenus minières totaux	13,8 millions de dollars
Bitcoin exploité	85,3 BTC
Hashrate minier moyen	2.1 eh / s

Trading et frais de transaction des actifs numériques

Les frais de transaction ont généré 1,2 million de dollars de revenus pour Bit Mining Limited en 2023.

Gestion du portefeuille de crypto-monnaie

• Total des actifs de crypto-monnaie sous gestion: 22,5 millions de dollars
• Portfolio diversifié sur plusieurs actifs numériques
• Frais de gestion: 1,5% de la valeur totale du portefeuille

Services d'infrastructure technologique

Catégorie de service	Revenus de 2023
Services d'extraction en cloud	4,7 millions de dollars
Hébergement d'infrastructures de blockchain	2,3 millions de dollars

Investissements stratégiques dans les technologies de la blockchain

Valeur du portefeuille d'investissement: 15,6 millions de dollars dans diverses startups de technologie de la blockchain et entreprises liées à la crypto.

Catégorie d'investissement	Valeur d'investissement totale
Startups technologiques de la blockchain	8,9 millions de dollars
Fabricants d'équipements d'exploitation de crypto-monnaie	6,7 millions de dollars

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.