BIT Mining Successfully Delivers Mining Machines to Kazakhstan

Rhea-AI Summary

BIT Mining Limited (NYSE: BTCM) announced the successful delivery of its first batch of 320 mining machines to Kazakhstan, expected to be operational by June 27, 2021. With a theoretical maximum capacity of 18.2 PH/s, this marks the first step in a larger deployment strategy that includes an additional 2,600 machines capable of 102.3 PH/s to be delivered before July 1, 2021. However, the company's Ganzi Changhe Data Center in Sichuan has suspended operations due to a power supply cut, which contributed about 3% to the company's revenues in May 2021.

Positive

• Successful delivery of 320 mining machines to Kazakhstan, enhancing operational capacity.
• Deployment strategy includes a total of 2,600 additional mining machines, indicating growth potential.

Negative

• Power supply cut at Ganzi Changhe Data Center causing operational suspension, impacting 3% of May revenues.

SHENZHEN, China, June 21, 2021 /PRNewswire/ -- BIT Mining Limited (NYSE: BTCM) ("BIT Mining" or "the Company"), a leading cryptocurrency mining enterprise, announced today that it had successfully delivered its first batch of mining machines to Kazakhstan. This first batch consisting of 320 mining machines with a theoretical maximum total hash rate capacity of 18.2 PH/s is expected to be deployed and in operation by June 27, 2021. A second and third batch, totaling 2,600 mining machines with a theoretical maximum total hash rate capacity of 102.3 PH/s, are expected to be delivered to Kazakhstan before July 1, 2021. In execution of its overseas deployment strategy, the Company expects to ship its remaining mining machines to overseas data centers over the coming quarters.

On June 19, 2021, the Company's indirectly held subsidiary, Ganzi Changhe Hydropower Consumption Service Co. Ltd ("Ganzi Changhe Data Center"), received notice (the "Notice") from State Grid Sichuan Ganzi Electric Power Co., Ltd. (the "Power Supplier"), informing Ganzi Changhe Data Center, that its power supply would be suspended, effective 9:00pm Beijing time, June 19, 2021. Ganzi Changhe Data Center has since suspended its operations. Data centers in Sichuan, including the Ganzi Changhe Data Center, contributed approximately 3% of the Company's total revenues in the month of May 2021.

Mr. Xianfeng Yang, CEO of BIT Mining, commented, "We are committed to protecting the environment and lowering our carbon footprint. We have been strategically expanding our operations overseas as part of our growth strategy. Following our investments in cryptocurrency mining data centers in Texas and Kazakhstan, we are accelerating our overseas development for alternative high-quality mining resources. We believe our vision and early-mover advantage will enable us to be agile in responding to the globally evolving regulatory environment, which will ultimately contribute to our long-term growth."

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 has deployed Bitcoin mining machines with a theoretical maximum total hash rate capacity of approximately 1,031.5 PH/s and 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 its vertical integration with its supply chain, increase its self-sufficiency and strengthen its competitive position.

Safe Harbor 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. 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 Investor Relations website has moved to http://ir.btc.com.)
Ms. Danni Zheng
Phone: +86 755 8633 8005

The Piacente Group, Inc.
Helen Wu
Tel: +86 (10) 6508-0677
Email: BITMining@thepiacentegroup.com

In the United States:

The Piacente Group, Inc.
Brandi Piacente
Tel: +1 (212) 481-2050
Email: BITMining@thepiacentegroup.com

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SOURCE BIT Mining Limited

FAQ

What recent developments has BIT Mining (BTCM) announced regarding mining machines?

BIT Mining announced the delivery of 320 mining machines to Kazakhstan, with plans for additional shipments totaling 2,600 machines.

What is the expected operational date for BIT Mining's new machines in Kazakhstan?

The first batch of mining machines is expected to be operational by June 27, 2021.

What percentage of BIT Mining's revenue was affected by the power supply cut in Sichuan?

Approximately 3% of BIT Mining's total revenues in May 2021 were contributed by the Ganzi Changhe Data Center in Sichuan, which has suspended operations due to a power cut.

How much hash rate capacity do BIT Mining's machines have?

The first batch of 320 machines has a theoretical maximum total hash rate capacity of 18.2 PH/s, and the subsequent deliveries will have a total capacity of 102.3 PH/s.

What are BIT Mining's plans for overseas expansion?

BIT Mining is strategically expanding its operations overseas, including investments in data centers in Texas and Kazakhstan.