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By Stephen Nakrosis
BIT Mining Ltd. on Friday said it would dispose of its Chinese lottery related business for nil consideration and eliminate its variable interest entity structure.
The company said since Dec. it pivoted its business to cryptocurrency mining “and has achieved positive financial results by adopting an overseas development strategy.”
BIT Mining said its affiliated subsidiaries under the variable interest entity structure contributed $400,000, or 13.6%, to total revenue and had a net loss of $1.5 million for the three months ended March 31.
The cryptocurrency miner said with the elimination of its variable interest entity structure, it has exited the Chinese lottery business and will focus on overseas crypto mining.
“Due to the expansion of the company’s cryptocurrency mining business outside of China, the company does not expect the removal of the VIE structure to have a material impact on its operational results or financial position,” BIT Mining said.
-Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
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