BIT Mining has assured its investors and shareholders that it’s doing everything within its powers to cushion the effects of the crypto markets downturn on its stock price which has declined by roughly 85 percent since June. BIT Mining has made it clear that it’s confident that its shares will not be delisted by the New York Stock Exchange (NYSE), according to reports on August 19, 2022.
Confidence Amidst Turmoil
BIT Mining, a bitcoin (BTC) mining company based in the United States, has urged its investors to keep faith in the company and not panic over its crumbling share price, despite facing a serious risk of delisting by the New York Stock Exchange (NYSE).
The company says it’s confident that the more than 85 percent slump in its share price in the past six months will not affect its normal operations.
In a statement on Friday, the Chairman of the company Bo Yu expressed his optimism about BIT Mining’s long-term health. In his words:
“It should not be concerning that our stock is currently trading at these levels. Despite the tumultuous market conditions, be rest assured that the current stock price will have no impact on our company’s normal business operations and our ability to create value for our investors in the future.”
The statement from BIT was a reaction to the deficiency listing notice it received from the NYSE that BIT mining’s shares could be delisted from the exchange if it continues to trade below $1.
The firm was thus given six months to fix all loopholes and comply with the rules, or the NYSE will have no choice but to commence the delisting procedures. In a filing with the SEC, BIT assured the NYSE that the company will follow its dictates to the letter in the nearest future.
Troubled Times for Miners
BIT Mining is a leading technology-driven cryptocurrency mining company, with a long-term strategy to create value across the cryptocurrency industry. Its business covers cryptocurrency mining, mining pool, and data center operation. The Company owns the world’s top blockchain browser BTC.com and the comprehensive mining pool business operated under BTC.com, providing multi-currency mining services including BTC, ETH, and LTC.
The tumultuous market conditions that bewildered the crypto space and miners especially changed the face of the industry but some are still surviving.
crypto.news earlier in the year reported the establishment of a new mining facility in Texas by a digital infrastructure provider, Mawson Infrastructural Group Incorporated. The firm explained that the new facility will be able to accommodate up to four exahashes per second (EH/S). Furthermore, the firm will enter into an agreement that will allow the facility to use renewable energy credits in addition to participating in curtailment programs, to help manage the grid effectively.
In the same vein, Mobile, a county in Alabama, became the first city in the state to approve a bitcoin mining project. As per a report on Crypto. news earlier in May, Global blockchain technology company distributed ledger Incorporated and Gulf Quest Maritime Museum teamed up to lay the foundation for the monumental project in the Yellowhammer state.