BIT Mining invests $ 12 million in Ohio mining site

BIT Mining invests $ 12 million in Ohio mining site - bitcoin mining shutterstock 772693789 5bfc321e46e0fb00511ae12cBIT Mining Limited, based in Hong Kong, made another mining investment outside of China. The mining company announced it has entered into a membership purchase agreement to invest in a data center in Ohio. “The Ohio Mining Site,” as it is called, will be a collaborative effort with Viking Data Centers, LLC with the couple launching the cryptocurrency mining data center with a power capacity set at 85 megawatts. The announcement adds that the site is expected to be up and running in February 2022.

Three-step startup process

Under the terms of the agreement that BIT Mining and Viking Data Centers have, the former will invest more than $ 12 million to launch the operation by the first quarter of 2022. $ 10 million of the total investment will be paid in cash, with the remaining balance to be managed by the Viking Data Centers in cash or Class A common stock. Once the project is completed, BIT Mining will control 51% of the share capital of the Ohio mine site, while Viking Data Centers will own 49% remaining.

The first phase of the site's development will see the power capacity reach 11 megawatts, the second will go up to 39 megawatts. Finally, a third phase will add the remaining 35 megawatts to the 85 megawatts of declared power mentioned in the press release. BIT Mining hopes to complete the first two phases by the end of 2021 with October 15 and November 15 as the dates to aim for. The third phase is expected to be completed on February 15, 2022.

In addition to this project, Viking Data Centers is also developing a mining space in Ohio with an expected power capacity of up to 17 megawatts.

BIT Mining invests in the mining sector

As part of the announcement, BIT Mining stated that “BIT Mining has a solid plan in place to invest, acquire and develop high quality mineral resources around the world. As of the date of this press release, the Company has shipped 1.016 mining machines to the United States. In the future, the Company plans to further strengthen its expansion efforts and accelerate its global development ”.

In addition to the more than 1.000 mining rigs that BIT Mining has shipped to the United States, the company had previously sent around 5.000 bitcoin miners to Kazakhstan from their headquarters in Shenzhen, China. The Central Asian nation has become one of the few popular destinations for cryptocurrency miners displaced by radical bans in China. BIT Mining joined 25 other mining companies that were in the area in July 2021.

BIT Mining says it will continue to ship any mining platform it still has in China overseas to new data centers in the coming quarters.

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