BitMining withdraws from Chinese lottery-related business and will focus on overseas crypto mining business

According to Chain News, BIT Mining (formerly 500 Lottery Network), a US-listed company, announced the cancellation of the VIE structure and the sale of its Chinese lottery business. BIT Mining said that since December 2020, the company has shifted its business focus to cryptocurrency mining and has achieved positive financial results through its overseas development strategy. Considering the continued losses in China's lottery-related business, the company decided to exit and dispose of the non-substantial business. With the cancellation of the VIE structure, BIT Mining has withdrawn from China's lottery-related business and will focus on overseas crypto mining business. The financial results of VIE subsidiaries engaged in China's lottery-related business will no longer be included in the consolidated financial statements, and the company does not expect the cancellation of the VIE structure to have a significant impact on its operating performance or financial condition.