AKRON, Ohio, Oct. 18, 2021 /PRNewswire/ -- BIT Mining Limited
(NYSE: BTCM) ("BIT Mining" or the "Company"), a leading
technology-driven cryptocurrency mining company, today announced
that it has strengthened its collaboration with Viking Data
Centers, LLC ("Viking Data Centers"). The Company will increase its
investment in the Ohio
cryptocurrency mining data center (the "Ohio Mining Site"), which
is being jointly developed with Viking Data Centers, to add up to
65 megawatts ("MW") of power capacity in addition to the 85MW per
the original design, bringing the Ohio Mining Site's total planned
power capacity up to 150MW.
As previously announced, the Company entered into an agreement
with Viking Data Centers on September 22,
2021 to jointly develop the Ohio Mining Site. BIT Mining
decided to strengthen its collaboration with Viking Data Centers
and increase the Ohio Mining Site's size and total power capacity
based on the Company's assessment of the current business and
regulatory environment, as well as the strength of the Ohio Mining
Site development team and the project's anticipated cost
efficiency. The Ohio Mining Site is planned to be completed by
March 2022.
BIT Mining will increase its investment by approximately
US$11.0 million (the "Increased
Investment"), US$9.8 million of which
will be paid in cash and the remaining US$1.2 million, payable to Viking Data Centers
will be settled either in cash, or in the form of Class A ordinary
shares, par value US$0.00005 per
share of the Company, at the Company's discretion. Upon the
successful execution of the Increased Investment, the Company's
equity interest in the Ohio Mining Site will be increased to 55%,
and Viking Data Centers will hold the remaining 45%. The Increased
Investment will fund the buildout of the 65MW of additional power
capacity. This will be developed in two phases, with 25MW in the
first phase and 40MW in the second. The parties currently expect to
reach these power capacity milestones by February 15, 2022 and March 31, 2022, respectively.
The transactions contemplated by the Increased Investment are
subject to customary closing conditions.
The Company intends to devote more resources to developing the
Ohio Mining Site, in light of its better cost control and
operational efficiency. The Company has also terminated its
Texas cryptocurrency mining data
center cooperation with Dory Creek, LLC, and will limit power
capacity at its Kazakhstan
cryptocurrency mining data center to 40MW, to optimize the
cost-effectiveness of its data center deployment. Upon completion
of the cryptocurrency mining data centers in Ohio and Kazakhstan, BIT Mining expects that, by
March 2022, its cryptocurrency mining
machines will have access to a total power capacity of up to
190MW.
"The progress made to date with our global expansion strategy
has been very encouraging," commented Mr. Xianfeng Yang, CEO of BIT Mining. "Our
multi-site approach and geographic diversification has provided us
with greater flexibility to shift resources and capitalize on
regions with more favorable market dynamics, and over time,
generate greater returns for stakeholders. We will continue to
execute on our plan, investing in technology, innovation and
high-quality mining resources around the world, while building a
strong foundation across the cryptocurrency ecosystem."
Additional Recent Updates
The Company recently entered into a strategic alliance with the
Hong Kong University of Science and
Technology (HKUST), one of Asia's elite science and technology research
institutions. The Company expects the alliance to provide it with
access to cutting-edge research, and over time, help propel the
overall development of the blockchain industry. As part of the
alliance, BIT Mining will provide internship programs for HKUST
students, enhancing its talent pool with the potential industry
leaders of tomorrow.
The Company recently invested in PTE Inc., a blockchain gaming
company. PTE Inc. specializes in developing high quality
blockchain-based games, providing gamers with non-fungible tokens
(NFT) as in-game rewards. PTE Inc. is best known for its
self-developed title, Idle Mystic, the world's first 3D NFT game,
which has gained over 60,000 players since its launch in
August 2021. In line with its
technology-driven mandate, the Company will continue to search for
investment opportunities to strengthen its leading position.
About BIT Mining
BIT Mining (NYSE: BTCM) is a leading technology-driven
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 world's top blockchain browser BTC.com and the
comprehensive mining pool business operated under BTC.com,
providing multi-currency mining services including BTC, BCH, ETH
and LTC. 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.
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