Bit Origin's October bitcoin production slips 8% M/M

Bit Origin ( NASDAQ: BTOG ) mined 24.30 Bitcoins ( BTC-USD ) and achieved a revenue of $477,637 in October 2022, representing a decrease of 8% and 9%, respectively, compared to the previous month. As of October 31, 2022, the total mining hash rate remained at 308 PH/s with 3,190 miners installed. CEO Lucas Wang stated, "The operation result of October 2022 slightly fell from previous month due to the strategic shutdowns of some of our underperforming miners with relatively lower efficiency. We are expecting a productivity recovery in the upcoming months once we see a rebound of Bitcoin price." Shares of the the crypto mining business rose 11% premarket on Monday