BIT Mining rebrands to Solai amid market struggles. Investors approved name change; focus shifts to Solana blockchain. Bitcoin boom leads to increased competition. Shares to trade under new ticker from Oct. 20. Company transitioning to a broader digital assets company._BIT Mining faces challenges due to declining revenue since 2022. China banning mining and market crash impacted business. Transformation reflects strategy to adapt to industry dynamics.

BIT Mining, a crypto mining company, is rebranding to Solai as its five-year-old mining business struggles. Shareholders approved the name change, marking the company's second rebranding. The shift is towards Solana, a blockchain network with its own cryptocurrency, due to challenges in the crypto mining space. The recent bitcoin boom has led to a surge in new miners, complicating operations due to limited supply. BIT Mining is adapting to become a "broader digital assets company," focusing on blockchain infrastructure and decentralized finance. Originally an online lottery ticket seller in 2001, the company made a strategic move to crypto mining in 2021, but faced setbacks with China banning mining and market crashes. With revenues declining since 2022, the rebranding reflects the company's attempt to navigate the volatile crypto landscape.