BIT Mining Investing $12M in Ohio Mining Site

Crypto mining firm BIT Mining Limited, introduced will probably be investing in The Buckeye State and creating a brand new information middle. 

Hong Kong-based BIT Mining Limited has made one other mining funding exterior of China. The mining company announced that it has entered right into a membership curiosity buy settlement to speculate in an information middle in Ohio. “The Ohio Mining Site” as it’s being referred to as, shall be a collaborative effort with Viking Data Centers, LLC with the pair launching the crypto mining information middle with an influence capability set at 85 megawatts. The announcement provides that the location is anticipated to be up and working in Feb. 2022. 

According to the phrases of the settlement that BIT Mining and Viking Data Centers have, the previous will make investments greater than $12 million to get the operation up and working by Q1, 2022. $10 million of the entire funding shall be paid in money, with the remaining stability to be dealt with by Viking Data Centers in money or Class A abnormal shares. Once the mission is full, BIT Mining will management 51% fairness curiosity in the Ohio Mining Site whereas Viking Data Centers will maintain the 49% leftover. 

The first part of web site growth will see energy capability attain 11 megawatts, the second bumps that determine as much as 39 megawatts. Finally, a 3rd part will add the remaining 35 megawatts for the acknowledged 85 megawatts of energy capability that the press launch mentions. BIT Mining hopes to finish the primary two phases earlier than the tip of 2021 with Oct. 15 and Nov. 15 the dates to shoot for. The third part is anticipated to be achieved on Feb. 15, 2022. 

On high of this mission, Viking Data Centers can be creating a mining area in Ohio with an anticipated energy capability of as much as 17 megawatts. 

BIT Mining investing in the mining business

As a part of the announcement, BIT Mining acknowledged that “BIT Mining has been executing a strong plan to speculate in, purchase and develop high-quality mining assets world wide. The Company has shipped 1,016 mining machines to the United States as of the date of this press launch. Going ahead, the Company plans to additional strengthen its growth efforts and speed up its world growth.”

On high of the greater than 1,000 mining rigs that BIT Mining has shipped stateside, the corporate had beforehand despatched round 5,000 bitcoin miners from their HQ in Shenzhen, China out to Kazakhstan. The Central Asian nation has grow to be one of some common locations for cryptocurrency miners displaced by the sweeping bans in China. BIT Mining joined 25 different mining companies that have been in the world as of July 2021. 

BIT Mining says they’ll proceed to ship no matter mining rigs they nonetheless have in China abroad to new information facilities over the following few quarters.

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