BIT Mining Limited (BTCM) to Expand its Fleet of Bitcoin Mining Machines
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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.
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