BIT Mining stock drifts lower as data center plan in Kazakhstan breaks off

Hong Kong-based BIT Mining (NYSE:BTCM) shares slid as much as 5% intra-day Thursday, as the company terminated its data center construction plan in Kazakhstan due to unstable local power supply. Meanwhile, the company's bitcoin (BTC-USD) mining machines that were deployed in the third-party data centers in Kazakhstan, remain operational and have not been impacted, the company said in its fourth-quarter earnings report. Note Kazakhstan, which recently limited digital miners' operational capacity, accounts for 18.1% of the world's bitcoin hash rate as of July 2021, according to Cambridge Centre for Alternative Finance. Looking at the company's Q4 operating results, revenue of $495.75M jumped from $393.09M in the third quarter thanks to higher digital assets prices. Q4 operating loss was $12.3M compared with -$22.7M in Q3. The company had $55.1M worth of cryptos in Q4, the equivalent of 450 bitcoins (BTC-USD), 5,931 ethereum (ETH-USD), 51.8M dogecoins (DOGE-USD) and other tokens as well, including those generated