BIT Mining Announces Forthcoming Revision of Previously Issued Financial Statements

AKRON, Ohio, April 14, 2023 /PRNewswire/ -- BIT Mining Limited (NYSE:BTCM) ("BIT Mining" or the "Company"), a leading technology-driven cryptocurrency mining company, today announced that on April 10, 2023 the Audit Committee (the "Audit Committee") of the Board of Directors of the Company, after consulting with management and the Company's independent registered accounting firm, MaloneBailey, LLP (the "Auditors"), determined that the Company's accounting policy for cryptocurrency assets was not in compliance with applicable guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 350 – Intangible Assets Goodwill and Other ("ASC 350"), and concluded that such accounting policy represents an error that was not material to the Company's previously issued financial statements, as further described below. The Company intends to correct the error, and relevant revisions will be reflected in the Company's forthcoming Annual Report on Form 20-F for the year ended December 31, 2022 (the "2022 Annual Report"), as further described below.