BIT Mining Invests in Cryptocurrency Mining in Ohio
BIT Mining Limited (NYSE: BTCM) announced a partnership with Viking Data Centers to invest in a cryptocurrency mining facility in Ohio, with a total investment of US$12.14 million. BIT Mining will hold a 51% equity interest, while Viking will own 49%. The project is expected to be developed in three phases, totaling 85 megawatts of power capacity, with completion dates set between October 2021 and February 2022. This initiative is part of BIT Mining's strategy to expand its global operations and strengthen its position in the cryptocurrency mining industry.
- Investment of US$12.14 million in Ohio mining facility.
- BIT Mining to hold 51% equity interest in the project.
- Development of the mining site in three phases, enhancing operational capacity.
- None.
HONG KONG, Sept. 22, 2021 /PRNewswire/ -- BIT Mining Limited (NYSE: BTCM) ("BIT Mining" or the "Company"), a leading cryptocurrency mining enterprise, today announced that it has entered into a Membership Interest Purchase Agreement and certain other auxiliary agreements (the "Agreements") with Viking Data Centers, LLC ("Viking Data Centers") to jointly invest in the development of a cryptocurrency mining data center space in Ohio (the "Ohio Mining Site") with access to power capacity of up to 85 megawatts ("MW"). Development of the Ohio Mining Site is currently expected to be fully completed in February 2022.
Pursuant to the Agreements, the Company will invest a total of US
As part of its growth strategy, BIT Mining has been executing a robust plan to invest in, acquire and develop high-quality mining resources around the world. The Company has shipped 1,016 mining machines to the United States as of the date of this press release. Going forward, the Company plans to further strengthen its expansion efforts and accelerate its global development.
The transactions contemplated under the Agreements are subject to customary closing conditions.
About BIT Mining
BIT Mining (NYSE: BTCM) is a leading cryptocurrency mining company, with a long-term strategy to create value across the cryptocurrency industry. Its business covers cryptocurrency mining, mining pool, and data center operation. The Company owns the entire mining pool business operated under BTC.com, including the domain name BTC.com. The Company has also entered into a definitive agreement to acquire a 7-nanometer cryptocurrency mining machine manufacturer, Bee Computing, to complete the Company's vertical integration with its supply chain, increase its self-sufficiency and strengthen its competitive position.
About Viking Data Centers
Viking Data Centers is focused on developing high-performance computer data centers focused on crypto mining at which it can offer co-location infrastructure, operations, and maintenance services to crypto miner clients. It currently is developing a mining space up to 170MW in the state of Ohio.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "going forward," "outlook" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control, which may cause the Company's actual results, performance or achievements to differ materially from those in the forward-looking statements. Important factors that could cause BIT Mining's actual results to differ materially from those indicated in the forward-looking statements include, among others: the formation of the JV, the joint development and operation of the Ohio Mining Site, and the execution and anticipated benefits of BIT Mining's growth strategy, including the transactions contemplated under the Agreements. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.
For further information:
BIT Mining Limited
ir@btc.com
Ir.btc.com
The Piacente Group, Inc.
Brandi Piacente
Tel: +1 (212) 481-2050
Email: BITMining@thepiacentegroup.com
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SOURCE BIT Mining Limited
FAQ
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