Bit Mining announced that it will invest in the construction of cryptocurrency mines in Ohio, USA
On September 22, Bit Mining ($Bit Mining (BTCM) $) (hereinafter referred to as "the Company") announced that it has signed cooperation agreements with Viking Data Centers and LLC (hereinafter referred to as "VDC"), and both parties will establish a joint venture company to jointly invest in the construction and operation of an encrypted digital cash mine with a capacity of 85MW in Ohio, USA (hereinafter referred to as "Ohio Mine").
According to the agreement, the joint venture company will complete the construction of mine capacity in three stages. The first phase of 11MW will be completed before October 15, 2021; The second phase of 39MW will be completed before November 15, 2021; The 35MW of the third stage will be completed before February 15, 2022.
According to the agreement, the Company will contribute a total of 12.14 million US dollars, of which 10.84 million US dollars will be paid to VDC in cash for mine construction costs, and the remaining 1.3 million US dollars will be paid to VDC in cash or Class A common shares. The specific settlement method will be decided by the Company itself. Bit Mining will own 51% of the Ohio mine and VDC will own 49%.
Bit Mining has always practiced the global expansion strategy. At present, the first batch of 1016 mining machines of bit mining have arrived in the United States. In the future, the company will further accelerate the global mine construction and computing power deployment.
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