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BIT Mining Limited to Invest in a Cryptocurrency Data Center in Kazakhstan | Finance Magnates


www.financemagnates.com 24 May 2021 17:54, UTC
Reading time: ~2 m

China-based listed Bitcoin mining company BIT Mining Limited (NYSE: BTCM) announced on Monday that it has entered into a binding investment sheet with a Kazakhstan-based firm to invest in a cryptocurrency mining data center in Kazakhstan jointly.

Per the announcement, BIT Mining Limited will allocate $9.33 million to build and run the Kazakhstan Mining Data Center operations, whose total power capacity is expected to be at 100 MW. The Shenzhen-based company will have an 80% equity interest, while their partners will hold the remaining 20%, although they didn’t disclose the name of the Kazakhstan-based firm.

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Furthermore, operation managers located in the forthcoming data center will provide on-site hosting, broadband network support, security monitoring, server management, and maintenance.

With such arrangement, BIT Mining Limited expects to widen its total power capacity dedicated to crypto mining in Kazakhstan to reach as high as 60 MW, said the press release.

The Chinese company is currently the owner of the entire mining pool operated under BTC.com, including the domain name and its cryptocurrency wallet service. Its total Hash Rate capacity sums up approximately 1,031.6 PH/s, as they also run three hydroelectric virtual currency data centers. In terms of deadline, the China-based listed crypto mining firm expects to have access total power capacity of 20 MW starting from July 1, 2021.

Chinese Crypto Miners in Limbo

The binding investment term sheet news joins to the strain of events happening within the crypto sphere in China, as the uncertainty is a hot topic due to the recent crackdown’s announcement.

Finance Magnates has reported that Chinese Bitcoin mining companies are putting their eyes on other crypto mining-friendly nations, as some cryptocurrency companies have been suspending their operations in the Asian giant. Overall, China is a big player in the crypto mining industry, accounting for nearly 70% of the global Hash Rate as of press time.

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