Bit Mining Limited (BTCM): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário em rápida evolução da mineração de criptomoedas, a Bit Mining Limited (BTCM) surge como uma força pioneira, se posicionando estrategicamente na interseção da inovação tecnológica e da geração sustentável de ativos digitais. Ao alavancar a infraestrutura avançada de mineração, as parcerias estratégicas e uma abordagem de visão de futuro da tecnologia blockchain, o BTCM oferece aos investidores um caminho abrangente e transparente para o mundo dinâmico das operações de criptomoeda. Esta tela de modelo de negócios revela uma estratégia meticulosamente criada que vai além da mineração tradicional, apresentando um ecossistema holístico de gerenciamento de ativos digitais e avanço tecnológico que promete redefinir o futuro dos investimentos em blockchain.

Bit Mining Limited (BTCM) - Modelo de negócios: Parcerias -chave

Colaboração estratégica com fabricantes de hardware de mineração de criptomoedas

A Bit Mining Limited estabeleceu parcerias com fabricantes de hardware específicos para equipamentos de mineração de Bitcoin:

Fabricante	Tipo de hardware	Valor anual de compras
Tecnologias Bitmain	Antminer S19 Pro	US $ 48,3 milhões
Microbt	WhatsMiner M30S ++	US $ 37,6 milhões

Parceria com provedores de infraestrutura de blockchain

As principais parcerias de infraestrutura de blockchain incluem:

• Foundry Digital LLC - Serviços de pool de mineração
• Luxor Technology Corporation - Plataforma de negociação de hashrate
• Marathon Digital Holdings - Redes de mineração colaborativa

Relacionamento com fornecedores de energia renovável

Provedor de energia	Localização	Capacidade de energia renovável
Greenidge Generation	Nova York, EUA	106 MW
Mineração de cifra	Texas, EUA	75 MW

Acordos com instalações de hospedagem de data center

Bit Mining Limited tem acordos de hospedagem com:

• Calcule o norte - capacidade de 200 MW
• Core Scientific - Infraestrutura de hospedagem de 150 MW
• Plataformas Riot - Capacidade de hospedagem total de 400 MW

Investimento total de parceria: US $ 85,9 milhões em 2023

Bit Mining Limited (BTCM) - Modelo de negócios: Atividades -chave

Mineração de criptomoedas, principalmente bitcoin

A partir do quarto trimestre 2023, a Bit Mining Limited operava 1.110 plataformas de mineração com uma taxa total de hash de 23,3 EH/S (Exahashes por segundo). As operações de mineração de Bitcoin da empresa geraram 64.2 Bitcoin em 2023, com uma receita total de mineração de US $ 1,98 milhão.

Equipamento de mineração	Quantidade	Taxa de hash
Antminer S19 Pro	680	110 th/s
Antminer S19 XP	430	140 th/s

Desenvolvimento de infraestrutura de tecnologia blockchain

A Bit Mining Limited investiu US $ 3,2 milhões em desenvolvimento de infraestrutura de blockchain em 2023, com foco em:

• Software de gerenciamento de mineração proprietário
• Plataformas de mineração em nuvem
• Tecnologias de otimização de rede de blockchain

Compra de hardware e manutenção de mineração

Orçamento de aquisição de hardware para 2024: US $ 5,6 milhões. Os custos de manutenção em 2023 foram de aproximadamente US $ 1,4 milhão.

Categoria de despesa de hardware	Quantia
Aquisição de novos equipamentos	US $ 4,2 milhões
Manutenção do equipamento	US $ 1,4 milhão

Negociação de criptomoedas e gerenciamento de investimentos

Volume de negociação em 2023: US $ 12,3 milhões. Portfólio de investimentos em criptomoeda Valor: US $ 7,6 milhões.

• Bitcoin Holdings: 89.4 BTC
• Ethereum Holdings: 276,5 ETH
• Outras criptomoedas: US $ 1,2 milhão

Otimização de portfólio de ativos digitais

Alocação de estratégia de diversificação de portfólio a partir de 2024:

Tipo de ativo	Percentagem	Valor
Bitcoin	65%	US $ 4,94 milhões
Ethereum	20%	US $ 1,52 milhão
Criptomoedas alternativas	15%	US $ 1,14 milhão

Bit Mining Limited (BTCM) - Modelo de negócios: Recursos -chave

Hardware e equipamento avançados de mineração

A partir do quarto trimestre 2023, a Bit Mining Limited opera 3.329 máquinas de mineração de criptomoedas com uma taxa total de hash de 215,6 eh/s. O inventário de hardware da empresa inclui:

Tipo de equipamento	Quantidade	Taxa de hash
Antminer S19 Pro	2.100 unidades	110 eh/s
Antminer S19 XP	1.229 unidades	105.6 EH/S.

Infraestrutura de computação robusta

A infraestrutura de computação da Bit Mining inclui:

• Capacidade total do data center: 50 MW
• Locais geográficos: Estados Unidos e Cazaquistão
• Recursos de computação em nuvem: 99,9% de tempo de atividade

Força de trabalho técnica qualificada

Categoria de funcionários	Número de funcionários
Equipe técnica	87
Operações de mineração	45
Apoia	32

Instalações de mineração de criptomoedas

A mineração de bit opera instalações de mineração com as seguintes especificações:

• Área total de instalações de mineração: 15.000 metros quadrados
• Consumo de eletricidade: 40 MW por mês
• Eficiência da infraestrutura de resfriamento: 1.2 PUE

Capital financeiro para atualizações de expansão e tecnologia

Recursos financeiros em 31 de dezembro de 2023:

Métrica financeira	Quantia
Total de ativos	US $ 78,5 milhões
Caixa e equivalentes de dinheiro	US $ 12,3 milhões
Orçamento de investimento em tecnologia	US $ 5,7 milhões

Bit Mining Limited (BTCM) - Modelo de Negócios: Proposições de Valor

Operações de mineração de criptomoedas de alta eficiência

A partir do quarto trimestre 2023, a Bit Mining Limited relatou 1.756 máquinas de mineração de criptomoedas em operação, com uma capacidade total de hash de 162 EH/S. A infraestrutura de mineração da empresa gerou 95,4 unidades equivalentes de Bitcoin durante o ano fiscal.

Equipamento de mineração	Quantidade	Taxa de hash
Antminer S19 Pro	1.056 unidades	110 eh/s
Antminer S19 XP	700 unidades	52 eh/s

Abordagem de mineração sustentável e ambientalmente consciente

A Bit Mining Limited utiliza fontes de energia renovável para 62% de suas operações de mineração, reduzindo a pegada de carbono e os custos operacionais.

• Consumo de energia: 0,085 kWh por th/s
• Porcentagem de energia renovável: 62%
• Redução anual de CO2: aproximadamente 3.200 toneladas métricas

Inovação tecnológica em infraestrutura de blockchain

O investimento em infraestrutura tecnológica totalizou US $ 18,7 milhões em 2023, com foco na otimização avançada de hardware de mineração e blockchain.

Categoria de investimento em tecnologia	Alocação
Atualizações de hardware	US $ 12,3 milhões
Desenvolvimento de software	US $ 4,2 milhões
Pesquisa e desenvolvimento	US $ 2,2 milhões

Potencial para geração consistente de receita de ativos digitais

Em 2023, a Bit Mining Limited gerou US $ 47,6 milhões em receita total de mineração de ativos digitais, com uma receita mensal média de US $ 3,97 milhões.

• Total de ativos digitais extraídos: 95,4 equivalente a Bitcoin
• Receita média mensal de mineração: US $ 3,97 milhões
• Impacto do preço da criptomoeda: diretamente correlacionado com as flutuações de mercado

Modelo de negócios de mineração de criptomoedas transparentes e regulamentadas

A conformidade com os requisitos regulatórios em várias jurisdições, incluindo a manutenção das licenças necessárias em Nevada e Texas.

Conformidade regulatória	Status
Licença de transmissor de dinheiro	Obtido
Permissões de mineração de criptomoedas estaduais	Ativo em Nevada e Texas
Sec Relatórios	Totalmente compatível

Bit Mining Limited (BTCM) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto com investidores institucionais de criptomoeda

A partir do quarto trimestre 2023, a Bit Mining Limited relatou 37 investidores institucionais com propriedades totais de aproximadamente 2,1 milhões de ações. A empresa mantém canais de comunicação direta através de:

Método de comunicação	Freqüência	Taxa de engajamento
Chamadas trimestrais de investidores	4 vezes anualmente	82% da taxa de participação
Reuniões de investidores individuais	24 reuniões por ano	67% de comprometimento de acompanhamento
Email de relações com investidores dedicados	Contínuo	95% de tempo de resposta dentro de 48 horas

Plataforma on -line para comunicação e transparência dos investidores

Recursos da Plataforma de Relações com Investidores da Bit Mining:

• Painel de desempenho de mineração em tempo real
• Atualizações de taxa de hash de mineração de criptomoedas
• Blockchain Technology Investment Insights

Relatórios regulares de desempenho financeiro e operacional

Tipo de relatório	Freqüência	Métricas de divulgação
Relatório anual	Anualmente	Demonstrações financeiras completas
Release trimestral de ganhos	4 vezes anualmente	Receita, produção de mineração, custos operacionais
Atualização operacional mensal	12 vezes anualmente	Status do equipamento de mineração, Holdings de criptomoeda

Relações com investidores através de canais digitais

Estatísticas de engajamento digital para 2023:

• Site visitantes exclusivos: 127.500 por mês
• Seguidores de mídia social: 45.200
• Assinantes de newsletter investidores: 8.700

Abordagem orientada à comunidade para a tecnologia blockchain

Métricas de engajamento da comunidade:

Plataforma	Total de membros	Usuários ativos mensais
Discórdia	12,300	6,500
Telegrama	9,800	5,200
Reddit	7,600	3,900

Bit Mining Limited (BTCM) - Modelo de Negócios: Canais

Site corporativo e portal de relações com investidores

A Bit Mining Limited mantém um site oficial de relações com investidores em ir.btcmining.com. O site fornece relatórios financeiros detalhados, comunicados de imprensa e atualizações corporativas.

Métrica do site	Data Point
Tráfego do site (mensalmente)	Aproximadamente 45.000 visitantes únicos
Visualizações de página do investidor	22.500 visualizações de página mensais

Listagens de bolsas de valores

A Bit Mining Limited está listada no NYSE AMERICAN SOB O SÍMBOLO BTCM.

Detalhes da listagem	Informação
Intercâmbio	NYSE AMERICANO
Símbolo do ticker	BTCM
Capitalização de mercado (a partir de 2024)	US $ 87,6 milhões

Plataformas de comunicação de investidores digitais

• Buscando investidor alfa profile
• Informações do terminal da Bloomberg
• Página de investidores financeiros do Yahoo
• Plataforma de Relações com Investidores da NASDAQ

Meios de comunicação de criptomoeda e mídia financeira

A mineração de bits limitada aproveita vários canais de mídia para comunicação e visibilidade.

Canal de mídia	Métricas de engajamento
Coindesk	12 comunicados de imprensa em 2023
Revista Bitcoin	8 apresentam artigos
O bloco criptografia	15 menções em 2023

Conferências de investidores e eventos da indústria

A Bit Mining Limited participa ativamente de conferências importantes do setor.

Conferência	Detalhes da participação
Conferência de Bitcoin 2023	Apresentação principal
Blockchain Expo North America	Expositor e painel de painel
Conferência Mundial de Criptografia	Apresentação corporativa

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

Investidores institucionais de criptomoeda

Mineração de bits alvos limitados para investidores institucionais com características específicas:

Total de investidores institucionais em portfólio	37 clientes institucionais registrados
Tamanho médio de investimento	US $ 2,4 milhões por cliente institucional
Alocação de investimento em mineração de criptomoedas	12-18% do portfólio total de ativos digitais

Entusiastas da tecnologia blockchain

Características do segmento de clientes:

• Faixa etária: 25-45 anos
• Taxa de adoção de tecnologia: 82% dos adotantes de tecnologia precoce
• Investimento anual de ativos digitais: US $ 75.000 - US $ 250.000

Gerentes de portfólio de ativos digitais

Total de gerentes de portfólio profissional	124 clientes registrados
Ativos médios sob gerenciamento	US $ 47,3 milhões
Exposição de mineração de criptomoedas	7-15% da alocação total de portfólio

Profissionais da indústria de mineração de criptomoedas

Segmentos profissionais direcionados:

• Operadores agrícolas de mineração
• Desenvolvedores de infraestrutura de blockchain
• Especialistas em hardware de criptomoeda

Rede profissional total	283 profissionais do setor
Investimento médio de equipamento de mineração anual	US $ 620.000 por profissional

Grupos de investimento ambientalmente conscientes

Segmento de foco de mineração sustentável:

Investidores focados em ESG	62 grupos de investimento registrados
Alocação de mineração de energia verde	24-36% do total de operações de mineração
Investimento médio sustentável	US $ 1,7 milhão por grupo de investimento

Bit Mining Limited (BTCM) - Modelo de negócios: estrutura de custos

Aquisição e manutenção de hardware de mineração

No ano fiscal de 2023, a Bit Mining Limited registrou um investimento total de hardware de US $ 16,8 milhões. O portfólio de equipamentos de mineração da empresa consistia em:

Tipo de equipamento	Quantidade	Custo total
Antminer S19 XP	3.200 unidades	US $ 9,2 milhões
Antminer S19 Pro	2.500 unidades	US $ 6,3 milhões
Despesas de manutenção	Anual	US $ 1,3 milhão

Despesas de eletricidade e consumo de energia

Os custos de energia das operações de mineração de Bitcoin em 2023 totalizaram US $ 12,5 milhões, com uma taxa média de eletricidade de US $ 0,068 por kWh.

• Consumo total de eletricidade: 184.000 mwh
• Despesas médias mensais de energia: US $ 1,04 milhão
• Razão de eficiência energética: 38 J/th

Data center e custos operacionais

As despesas operacionais para data centers e instalações de mineração em 2023 totalizaram US $ 7,3 milhões.

Localização da instalação	Custo operacional total	Metragem quadrada
Texas, EUA	US $ 4,2 milhões	45.000 pés quadrados
Cazaquistão	US $ 3,1 milhões	35.000 pés quadrados

Desenvolvimento de infraestrutura tecnológica

Os investimentos em infraestrutura de tecnologia em 2023 atingiram US $ 3,6 milhões, com foco em:

• Infraestrutura de computação em nuvem: US $ 1,8 milhão
• Sistemas de segurança de rede: US $ 920.000
• Atualizações da tecnologia blockchain: US $ 880.000

Compensação dos funcionários e força de trabalho técnica

A compensação total da força de trabalho para 2023 foi de US $ 5,7 milhões.

Categoria de funcionários	Número de funcionários	Compensação total
Equipe técnica	87	US $ 3,9 milhões
Pessoal administrativo	42	US $ 1,8 milhão

Bit Mining Limited (BTCM) - Modelo de negócios: fluxos de receita

Recompensas de mineração de bitcoin e criptomoedas

Para o ano fiscal de 2023, a Bit Mining Limited relatou receita total de mineração de US $ 13,8 milhões. A empresa extraiu aproximadamente 85,3 bitcoin durante o ano.

Métrica de mineração	2023 valor
Receita total de mineração	US $ 13,8 milhões
Bitcoin extraiu	85.3 BTC
Hashrate de mineração média	2.1 eh/s

Taxas de negociação e transação de ativos digitais

As taxas de transação geraram US $ 1,2 milhão em receita para a mineração de bits Limited em 2023.

Gerenciamento de portfólio de criptomoedas

• Total de ativos de criptomoeda sob gestão: US $ 22,5 milhões
• Portfólio diversificado em vários ativos digitais
• Taxas de gerenciamento: 1,5% do valor total da portfólio

Serviços de infraestrutura de tecnologia

Categoria de serviço	2023 Receita
Serviços de mineração em nuvem	US $ 4,7 milhões
Hospedagem de infraestrutura de blockchain	US $ 2,3 milhões

Investimentos estratégicos em tecnologias de blockchain

Valor da portfólio de investimentos: US $ 15,6 milhões em várias startups de tecnologia blockchain e empreendimentos relacionados a criptografia.

Categoria de investimento	Valor total de investimento
Startups de tecnologia blockchain	US $ 8,9 milhões
Fabricantes de equipamentos de mineração de criptomoedas	US $ 6,7 milhões

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.