BIT Mining Ramps Up Investment In Ohio Crypto-Mining Site

  • Crypto miner BIT Mining BTCM ramped up investment in the Ohio cryptocurrency mining data center jointly developed with Viking Data Centers LLC.
  • BIT Mining will increase its investment by $11.0 million, including $9.8 million in cash and the remaining in cash or stock.
  • BIT Mining will own a 55% stake in the Ohio mining site, and Viking Data Centers will own the remaining 45%.
  • The investment ramp-up led to the additional power capacity of up to 65 megawatts on the 85MW per the original design, bringing the Ohio Mining Site's total planned power capacity up to 150MW.
  • The higher investment will fund the 65MW of additional power capacity buildout developed in two phases, with 25MW in the first phase and 40MW in the second. 
  • The parties aim to reach these power capacity milestones by February 15 and March 31, respectively.
  • BIT Mining collaborated with the Hong Kong University of Science and Technology (HKUST) for cutting-edge research and help propel the overall development of the blockchain industry.
  • BIT Mining also recently invested in blockchain gaming company PTE Inc. 
  • Price Action: BTCM shares traded lower by 2.37% at $9.49 on the last check Monday.
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