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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 this time introduced that it has strengthened its collaboration with Viking Knowledge Facilities, LLC (“Viking Knowledge Facilities”). The Firm will enhance its funding within the Ohio cryptocurrency mining information heart (the “Ohio Mining Website”), which is being collectively developed with Viking Knowledge 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 Website’s complete deliberate energy capability as much as 150MW.
As beforehand introduced, the Firm entered into an settlement with Viking Knowledge Facilities on September 22, 2021 to collectively develop the Ohio Mining Website. BIT Mining determined to strengthen its collaboration with Viking Knowledge Facilities and enhance the Ohio Mining Website’s measurement and complete energy capability based mostly on the Firm’s evaluation of the present enterprise and regulatory setting, in addition to the power of the Ohio Mining Website improvement staff and the challenge’s anticipated value effectivity. The Ohio Mining Website is deliberate to be accomplished by March 2022.
BIT Mining will enhance 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 Knowledge Facilities shall be settled both in money, or within the type of Class A extraordinary 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 Website shall be elevated to 55%, and Viking Knowledge Facilities will maintain the remaining 45%. The Elevated Funding will fund the buildout of the 65MW of extra energy capability. This shall be developed in two phases, with 25MW within the first section and 40MW within the second. The events presently anticipate 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 sources to growing the Ohio Mining Website, in gentle of its higher value 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 up to now with our international growth technique has been very encouraging,” commented Mr. Xianfeng Yang, CEO of BIT Mining. “Our multi-site strategy and geographic diversification has offered us with larger flexibility to shift sources and capitalize on areas with extra favorable market dynamics, and over time, generate larger returns for stakeholders. We’ll proceed to execute on our plan, investing in expertise, innovation and high-quality mining sources all over the world, whereas constructing a robust basis throughout the cryptocurrency ecosystem.”
Extra Current Updates
The Firm lately entered right into a strategic alliance with the Hong Kong College of Science and Know-how (HKUST), one in all Asia’s elite science and expertise analysis establishments. The Firm expects the alliance to supply 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 packages for HKUST college students, enhancing its expertise pool with the potential business leaders of tomorrow.
The Firm lately invested in PTE Inc., a blockchain gaming firm. PTE Inc. focuses on growing prime quality blockchain-based video games, offering players with non-fungible tokens (NFT) as in-game rewards. PTE Inc. is finest recognized for its self-developed title, Idle Mystic, the world’s first 3D NFT recreation, 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 providers together with BTC, BCH, ETH and LTC. The Firm has additionally entered right into a definitive settlement to accumulate a 7-nanometer cryptocurrency mining machine producer, Bee Computing, to finish the Firm’s vertical integration with its provide chain, enhance its self-sufficiency and strengthen its aggressive place.
Ahead-Wanting Statements
This information launch incorporates forward-looking statements inside the that means of Part 21E of the Securities Trade Act of 1934, as amended, and as outlined within the U.S. Personal Securities Litigation Reform Act of 1995. These forward-looking statements may 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 recognized 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. Essential elements that would trigger BIT Mining’s precise outcomes to vary materially from these indicated within the forward-looking statements embrace, amongst others: the formation of the JV, the joint improvement and operation of the Ohio Mining Website, 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 Trade Fee. The Firm doesn’t undertake any obligation to replace any forward-looking assertion on account of new info, future occasions or in any other case, besides as required below regulation.
For additional info:
BIT Mining Restricted
[email protected]
Ir.btc.com
The Piacente Group, Inc.
Brandi Piacente
Tel: +1 (212) 481-2050
E mail: [email protected]
SOURCE BIT Mining Restricted
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