Hassan Maishera
BIT Mining invests in crypto mining in Ohio
Hong Kong-based BIT Mining is expanding its presence in North America. The company has invested in crypto mining ventures in North America after partnering with Viking Data Centers. BIT Mining announced this via a press release earlier today.
The firm said, “BIT Mining Limited (NYSE: BTCM), a leading cryptocurrency mining enterprise, today announced that it has entered into a Membership Interest Purchase Agreement and certain other auxiliary agreements with Viking Data Centers, LLC to jointly invest in the development of a cryptocurrency mining data center space in Ohio with access to power capacity of up to 85 megawatts.”
The development of the cryptocurrency mining site is expected to be completed by February next year. Per the agreement, BIT Mining will invest $12 million in the Ohio mining site, of which $10.84 million will be paid in cash, and the remaining $1.3 million payable to Viking Data Centers will be settled either in cash or as Class A ordinary shares.
“Upon execution of the Agreements, the Company will hold a 51% equity interest in the Ohio Mining Site, and Viking Data Centers will hold the remaining 49%. The Ohio Mining Site will be developed in three phases, with 11MW in the first phase, 39MW in the second and the remaining 35MW in the third. The first, second and third phases are currently expected to be completed by October 15, 2021, November 15, 2021, and February 15, 2022, respectively,” the press release added.
BIT Mining looking to expand its presence globally
BIT Mining is one of the leading cryptocurrency mining firms in the world. However, it has been working hard to expand its presence asides, Asia. The ban on crypto mining activities in China has forced the company to look at other options.
North America has become an attractive option for BIT Mining and various other cryptocurrency mining firms in the world.
