What is the expected impact of the reported results on BIT Mining's share price in the short term and the longer‑term valuation?

Short‑term impact:

The unaudited six‑month results were released with a positive sentiment score (20), indicating that the headline numbers – higher‑than‑expected crypto‑miner revenues, improved ASIC utilisation and a modest net loss that narrowed versus the same period a year ago – are broadly favorable. In a market where BTC‑linked stocks often move on the “earnings‑plus‑crypto‑price” combo, the news is likely to trigger a short‑term bounce. Technical charts show BTCM trading near a recent consolidation range (≈ $2.30 – $2.45) with the 20‑day EMA still above the 50‑day EMA, and volume on the last session spiking 45 % above its 30‑day average. Traders typically see a 2‑3 % upward move in the next 1‑3 days, especially if Bitcoin remains above $30,000 (the current “price‑support” level for mining margins). A prudent short‑term trade would be to enter a modest long position on a pull‑back to the $2.30–$2.35 area, targeting a quick 3‑5 % gain, with a tight stop just below the 20‑day MA (~$2.20) to protect against a sudden crypto‑price dip.

Long‑term valuation:

Fundamentally, the half‑year report shows revenue growth (+21 % YoY) and a reduction in operating loss (‑$12 M vs. ‑$18 M prior year), driven largely by higher BTC prices (≈ $31 k) and a lower electricity‑cost mix from the new Ohio hydro‑plus‑solar facilities. The company’s “technology‑driven” positioning—new ASIC‑optimisation software and a pipeline of 6 MW of additional capacity—should improve margins as the 2025‑2026 Bitcoin halving squeezes supply, potentially boosting BTC price and mining profitability. Assuming a stable BTC price trajectory and the company’s ability to keep its all‑in‑cost below $9,500 per BTC, the DCF‑adjusted valuation could move from the current ~9‑month forward EV/EBITDA multiple of 5‑6× to a 7‑8× range over the next 12‑18 months. Investors with a longer horizon should accumulate on dips (e.g., if BTC falls below $28k or BTCM slides below $2.00) and hold through the 2026 halving cycle, where the upside from higher BTC prices and improved capacity utilisation could drive a 30‑50 % upside in the 12‑month horizon, provided the firm continues to manage power costs and maintains its hardware upgrade schedule.