SHENZHEN, China, May 24, 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 binding investment term sheet (the "Term Sheet")
with a Kazakhstan-based company
("Local Partner") to jointly invest in a cryptocurrency mining data
center in Kazakhstan (the
"Kazakhstan Mining Data Center").
Pursuant to the Term Sheet, the Company will invest a total
amount of RMB60 million (US$9.33 million) to jointly construct and operate
the Kazakhstan Mining Data Center. Once constructed, the
total power capacity of the Kazakhstan Mining Data Center is
expected to be 100MW. The Company will hold an 80% equity
interest in the Kazakhstan Mining Data Center, with the Local
Partner holding 20%.
Today the Company also announced that it has entered into two
service agreements for its mining machines ("Service Agreements"),
one with the Local Partner and one with another Kazakhstan-based company (collectively, the
"Operation Managers").
Pursuant to the Service Agreements, the Operation Managers will
provide the Company with a comprehensive data center service
package in Kazakhstan, including
on-site machine hosting, broadband network support, security
monitoring, server management and support, as well as assisting the
Company with maintenance.
With the two Service Agreements entered into today, BIT Mining
expects that its total power capacity devoted to cryptocurrency
mining in Kazakhstan could
eventually reach as high as 60MW. The Company will have access to
total power capacity of 20MW under the Service Agreements starting
from July 1, 2021.
About BIT Mining Limited
BIT Mining Limited (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, owns three
hydroelectric cryptocurrency data centers with a total power
capacity of 435MW and owns the entire mining pool business operated
under BTC.com, including the domain name BTC.com and the
cryptocurrency wallet of BTC.com. The Company has also entered into
a definitive agreement to acquire a 7-nanometer cryptocurrency
mining machine manufacturer, Bee Computing (HK) Limited, 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 switched
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