HONG KONG, July 28, 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 definitive purchase agreement (the "Purchase
Agreement") to acquire 2,500 new bitcoin mining machines ("the
Acquired Machines") for a total consideration of approximately
US$6.6 million. When deployed, the
Company expects the Acquired Machines to increase its theoretical
maximum total hash rate capacity by approximately 165 peta hashes
per second (PH/s). The Acquired Machines are expected to be
delivered within one week from today. Following delivery, the
Company plans for them to be shipped to Kazakhstan for deployment.
In addition to expanding its bitcoin mining machine fleet, the
Company has continued to move forward with its overseas development
strategy, recent highlights of which include:
- 3,819 bitcoin mining machines with a total hash rate capacity
of 172 PH/s have been deployed at data centers in Kazakhstan;
- a further 4,033 bitcoin mining machines with a total hash rate
capacity of 121 PH/s have been shipped to data centers in
Kazakhstan and are awaiting
deployment; and
- The Company commenced ethereum mining operations outside of
mainland China with hash rate
capacity of 86.4 giga hashes per second (GH/s) deployed; an
additional hash rate capacity of 4,713.6 GH/s is expected to be
deployed by the end of October
2021.
BIT Mining is monitoring current conditions in the market for
cryptocurrency mining machines and will consider cost-efficient
mining machine acquisitions on an opportunistic basis. Looking
forward, the Company is prepared to further expand the scale of its
business and increase its theoretical maximum total hash rate
capacity, in order to strengthen its position as a leading
cryptocurrency mining enterprise.
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 its vertical integration
with its supply chain, increase its self-sufficiency and strengthen
its competitive position.
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
completion of the private placement; the satisfaction of customary
closing conditions related to the private placement and the
intended use of net proceeds from the private placement. 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