ICYMI: BIT Mining to sell subsidiary Loto Interactive as it expands in the US
BIT Mining is selling the majority shares of Loto Interactive, a subsidiary through which it used to control three bitcoin mining sites in China, prior to the government’s crackdown last year.Bitcoin mining firm BIT Mining, formerly known as 500.com, is selling its majority share of Loto Interactive, which began as an online lottery business and shifted to bitcoin mining in 2019.
BIT Mining explained that the move aligned with the company's plans to keep expanding in the US. After being forced to shut down operations in China last year, the companyThe company is currently in the process of building out a 150-megawatt site in Ohio.
Additionally, Loto started operating a"big data centre" in Hong Kong in November 2021, which generated HK$6.9 million in the first three months of the year, per the document — essentially all the company's earnings during that time period, with the remaining 9.82% stemming from its"money lending business.
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