Bit Mining, the Chinese cryptocurrency mining company formerly known as 500.com, has announced its decision to dispose of its Chinese lottery related business.
The company said it would eliminate its variable interest entity (VIE) structure – a series of subsidiaries that own the lottery business – and dispose of its lottery business for nil consideration.
The lottery business – previously its main focus of operations – contributed RMB2.7m (£302,219/€353,240/$416,545), or 13.6%, of the company’s total revenue, accounting for a net loss of RMB9.8m for the three months ended 31 March, 2021.
As of that date, total assets held by the VIE subsidiaries represented RMB82.8m, or 6.3% of the company’s total assets, while net debt held by the subsidiaries was RMB161.6m.
Financial results from the business will no longer be included in Bit Mining’s consolidated financial statements.
The company said that due to the expansion of its cryptocurrency mining business outside China, it does not e..