BIT Mining Rebrands Again As It Pivots To Integrating AI And Blockchain Technology
The crypto mining company will change its name to reflect its new business focus, just five years after transforming from an online lottery ticket seller
Key Takeaways:
- BIT Mining will become Solai from Oct. 20 after shareholders approved the name change, marking a second rebranding
- The move comes as the company’s five-year-old crypto mining business struggles, forcing it to shift its focus to Solana, a blockchain-based network with its own cryptocurrency
The recent bitcoin boom is minting lots of new bitcoin miners, which is making life more difficult for everyone due to a limited supply of the cryptocurrency. One of those is BIT Mining Ltd. (NYSE:BTCM), which is embarking on yet another business transformation as life only gets harder in the overheated space.
Last Friday, the company said its shareholders approved a plan to rename itself Solai, and its shares will start trading with a new ticker from Oct. 20. This followed an August announcement about the rebranding for a transformation into a “broader digital assets company focused on next-generation blockchain infrastructure, decentralized finance, and smart contract innovation.”
This marks the second time BIT Mining has taken on a new identity. The company was originally founded as an online lottery ticket seller in 2001 and became a crypto miner 20 years later. The foray into digital assets was an opportunistic move that made some sense, as virtual currencies seemed set to be the next big thing. China was also the world’s largest crypto mining hub at that time.
But BIT Mining’s big crypto bet quickly went south. First, China shook the crypto world by banning mining within its borders in 2021, the same year BIT Mining made its transition. Then, a prolonged crypto winter followed as prices crashed. Now, virtual currencies are all the rage again, with bitcoin prices hitting records, intensifying competition for its limited supply. Reflecting these challenges, BIT Mining’s revenue began declining each year from 2022.
So, the company’s latest move to tweak its business model seems rational to some extent. The change …
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