HONG KONG, July 28, 2021 /PRNewswire/ — BIT Mining Limited (NYSE: BTCM) (“BIT Mining” or the “Company”), a leading cryptocurrency mining enterprise, today announced that it has entered into a definitive purchase agreement (the “Purchase Agreement”) to acquire 2,500 new bitcoin mining machines (“the Acquired Machines”) for a total consideration of approximately US$6.6 million. When deployed, the Company expects the Acquired Machines to increase its theoretical maximum total hash rate capacity by approximately 165 peta hashes per second (PH/s). The Acquired Machines are expected to be delivered within one week from today. Following delivery, the Company plans for them to be shipped to Kazakhstan for deployment.
In addition to expanding its bitcoin mining machine fleet, the Company has continued to move forward with its overseas development strategy, recent highlights of which include:
- 3,819 bitcoin mining machines with a total hash rate capacity of 172 PH/s have been deployed at data centers in Kazakhstan;
- a further 4,033 bitcoin mining machines with a total hash rate capacity of 121 PH/s have been shipped to data centers in Kazakhstan and are awaiting deployment; and
- The Company commenced ethereum mining operations outside of mainland China with hash rate capacity of 86.4 giga hashes per second (GH/s) deployed; an additional hash rate capacity of 4,713.6 GH/s is expected to be deployed by the end of October 2021.
BIT Mining is monitoring current conditions in the market for cryptocurrency mining machines and will consider cost-efficient mining machine acquisitions on an opportunistic basis. Looking forward, the Company is prepared to further expand the scale of its business and increase its theoretical maximum total hash rate capacity, in order to strengthen its position as a leading cryptocurrency mining enterprise.
About BIT Mining
BIT Mining (NYSE: BTCM) is a leading 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 entire mining pool business operated under BTC.com, including the domain name BTC.com. The Company has also entered into a definitive agreement to acquire a 7-nanometer cryptocurrency mining machine manufacturer, Bee Computing, to complete its vertical integration with its supply chain, increase its self-sufficiency and strengthen its competitive position.
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…