AKRON, Ohio, Oct. 18, 2021 /PRNewswire/ — BIT Mining Restricted (NYSE: BTCM) (“BIT Mining” or the “Firm”), a number one technology-driven cryptocurrency mining firm, at the moment introduced that it has strengthened its collaboration with Viking Information Facilities, LLC (“Viking Information Facilities”). The Firm will improve its funding within the Ohio cryptocurrency mining information heart (the “Ohio Mining Web site”), which is being collectively developed with Viking Information Facilities, so as to add as much as 65 megawatts (“MW”) of energy capability along with the 85MW per the unique design, bringing the Ohio Mining Web site’s complete deliberate energy capability as much as 150MW.
As beforehand introduced, the Firm entered into an settlement with Viking Information Facilities on September 22, 2021 to collectively develop the Ohio Mining Web site. BIT Mining determined to strengthen its collaboration with Viking Information Facilities and improve the Ohio Mining Web site’s dimension and complete energy capability based mostly on the Firm’s evaluation of the present enterprise and regulatory atmosphere, in addition to the power of the Ohio Mining Web site improvement workforce and the mission’s anticipated price effectivity. The Ohio Mining Web site is deliberate to be accomplished by March 2022.
BIT Mining will improve its funding by roughly US$11.0 million (the “Elevated Funding”), US$9.8 million of which shall be paid in money and the remaining US$1.2 million, payable to Viking Information Facilities shall be settled both in money, or within the type of Class A abnormal shares, par worth US$0.00005 per share of the Firm, on the Firm’s discretion. Upon the profitable execution of the Elevated Funding, the Firm’s fairness curiosity within the Ohio Mining Web site shall be elevated to 55%, and Viking Information Facilities will maintain the remaining 45%. The Elevated Funding will fund the buildout of the 65MW of further energy capability. This shall be developed in two phases, with 25MW within the first part and 40MW within the second. The events at the moment count on to achieve these energy capability milestones by February 15, 2022 and March 31, 2022, respectively.
The transactions contemplated by the Elevated Funding are topic to customary closing situations.
The Firm intends to dedicate extra assets to creating the Ohio Mining Web site, in mild of its higher price management and operational effectivity. The Firm has additionally terminated its Texas cryptocurrency mining information heart cooperation with Dory Creek, LLC, and can restrict energy capability at its Kazakhstan cryptocurrency mining information heart to 40MW, to optimize the cost-effectiveness of its information heart deployment. Upon completion of the cryptocurrency mining information facilities in Ohio and Kazakhstan, BIT Mining expects that, by March 2022, its cryptocurrency mining machines can have entry to a complete energy capability of as much as 190MW.
“The progress made thus far with our world growth technique has been very encouraging,” commented Mr. Xianfeng Yang, CEO of BIT Mining. “Our multi-site method and geographic diversification has offered us with better flexibility to shift assets and capitalize on areas with extra favorable market dynamics, and over time, generate better returns for stakeholders. We are going to proceed to execute on our plan, investing in expertise, innovation and high-quality mining assets around the globe, whereas constructing a powerful basis throughout the cryptocurrency ecosystem.”
Extra Current Updates
The Firm just lately entered right into a strategic alliance with the Hong Kong College of Science and Know-how (HKUST), one among Asia’s elite science and expertise analysis establishments. The Firm expects the alliance to offer it with entry to cutting-edge analysis, and over time, assist propel the general improvement of the blockchain business. As a part of the alliance, BIT Mining will present internship applications for HKUST college students, enhancing its expertise pool with the potential business leaders of tomorrow.
The Firm just lately invested in PTE Inc., a blockchain gaming firm. PTE Inc. makes a speciality of creating top quality blockchain-based video games, offering avid gamers with non-fungible tokens (NFT) as in-game rewards. PTE Inc. is greatest identified for its self-developed title, Idle Mystic, the world’s first 3D NFT sport, which has gained over 60,000 gamers since its launch in August 2021. Consistent with its technology-driven mandate, the Firm will proceed to seek for funding alternatives to strengthen its main place.
About BIT Mining
BIT Mining (NYSE: BTCM) is a number one technology-driven cryptocurrency mining firm, with a long-term technique to create worth throughout the cryptocurrency business. Its enterprise covers cryptocurrency mining, mining pool, and information heart operation. The Firm owns the world’s high blockchain browser BTC.com and the excellent mining pool enterprise operated below BTC.com, offering multi-currency mining companies together with BTC, BCH, ETH and LTC. The Firm has additionally entered right into a definitive settlement to amass a 7-nanometer cryptocurrency mining machine producer, Bee Computing, to finish the Firm’s vertical integration with its provide chain, improve its self-sufficiency and strengthen its aggressive place.
This information launch comprises forward-looking statements throughout the that means of Part 21E of the Securities Change Act of 1934, as amended, and as outlined within the U.S. Non-public Securities Litigation Reform Act of 1995. These forward-looking statements might be recognized by terminology equivalent to “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “goal,” “going ahead,” “outlook” and related statements. Such statements are based mostly upon administration’s present expectations and present market and working situations and relate to occasions that contain identified or unknown dangers, uncertainties and different elements, all of that are troublesome to foretell and plenty of of that are past the Firm’s management, which can trigger the Firm’s precise outcomes, efficiency or achievements to vary materially from these within the forward-looking statements. Vital elements that would trigger BIT Mining’s precise outcomes to vary materially from these indicated within the forward-looking statements embody, amongst others: the formation of the JV, the joint improvement and operation of the Ohio Mining Web site, and the execution and anticipated advantages of BIT Mining’s progress technique, together with the transactions contemplated below the Agreements. Additional info concerning these and different dangers, uncertainties or elements is included within the Firm’s filings with the U.S. Securities and Change Fee. The Firm doesn’t undertake any obligation to replace any forward-looking assertion because of new info, future occasions or in any other case, besides as required below legislation.
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BIT Mining Restricted
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