Shenzhen-based Bit Mining plans to build and operate a 100 MW encrypted mining data center in Kazakhstan. The project will be implemented in cooperation with two local companies, which will also provide a series of services for enterprises. The total investment will exceed 9 million U.S. dollars.
Kazakhstan will build a new 100 MW encrypted mining facility
Bit Mining announced this week that it has signed a binding investment terms list with a Kazakhstan entity. The two companies will cooperate in the construction of a new encrypted mining facility in the Central Asian Republic. The Chinese company will own 80% of the shares in the new Kazakhstan mining data center, with the remaining 20% held by its local partners.
The Bitcoin farm will start up with a power capacity of 20 MW, and when it is fully operational, the total capacity is expected to reach 100 MW. Bit Mining said it will invest 60 million yuan (approximately US$9.33 million) in the joint project.
The Chinese company also concluded two service agreements for its mining equipment, one of which was signed with a major partner and the other with another company from Kazakhstan. They will provide a series of required services, including on-site equipment hosting, broadband network support, security monitoring, server management and maintenance. The agreement will come into effect on July 1, 2021.
Bit Mining expands coin minting business globally
Since earlier this year, Bit Mining, formerly known as 500.com, has begun to develop rapidly in the crypto mining industry, and its activities now cover cryptocurrency mining, mining pools, and data center operations. To date, Bit Mining has deployed Bitcoin mining equipment with a maximum hash rate capacity of approximately 1,031.5 PH/s. It has three hydropower data centers with a total power generation capacity of 435 MW.
In April this year, the Chinese company acquired mining company Btc.com before changing its name. It currently owns the entire mining pool business operated by Btc.com, including domain names and cryptocurrency wallets on the platform.
Listed company Bit Mining Limited (NYSE: BTCM) also acquired Bee Computing (HK) Limited, a manufacturer of 7-nanometer cryptocurrency mining machines. The company pointed out that the acquisition aims to complete vertical integration with the supply chain, while increasing its self-sufficiency and strengthening its competitive position.
This month, Bit Mining announced a project to build a new cryptocurrency mining data center in Texas, USA. The $25 million investment is part of a binding agreement signed with Dory Creek, a wholly-owned subsidiary of Bitdeer. The two companies plan to build and operate a 57 MW mining facility, which will mainly use low-carbon energy for power supply.
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