Hong Kong, May 17, 2023 (GLOBE NEWSWIRE) -- Moxian (BVI) Inc ("Moxian" or the "Company") (NASDAQ: MOXC), a company engaged in bitcoin mining and related services, today released its earnings report for fiscal year 2022. Net loss amounted to $21.5 million, following a one-time charge of $11.9 million for the write-off of certain mining assets. Commenting on its results, Chief Executive Officer and Director, Mr. Forrest Deng, remarked “The Company, like the rest of the industry, experienced a very difficult year in 2022 with electricity prices surging with the outbreak of the Ukraine war. Bitcoin prices tumbled throughout the year, from the $40,000 level to hover just about $15,000 by the last quarter of the year. Mining equipment, which had been purchased at the turn of the previous year, fell in tandem with the dim outlook of the industry and the Company felt prudent to take the one-time charge.”
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