BIT Mining to Acquire Ethiopian Mining Data Centers and Mining Machines
AKRON, Ohio, Dec. 3, 2024 /PRNewswire/ — BIT Mining Limited (NYSE: BTCM) (“BIT Mining” or the “Company”), a leading technology-driven cryptocurrency mining company, today announced that it has entered into a definitive agreement (the “Agreement”) to acquire 51-megawatt crypto mining data centers in Ethiopia (the “Data Centers”) and 17,869 high-quality Bitcoin (“BTC”) mining machines (the “BTC Mining Machines”).
Under the Agreement, the Company will indirectly acquire the Data Centers and BTC Mining Machines for a total consideration of US$14.28 million. The consideration comprises a cash payment of US$2.265 million and the issuance of Class A ordinary shares of the Company with a par value of US$0.00005 per share, amounting to an aggregate value of US$12.015 million.
The transaction will be executed in two phases. Upon completion of the first phase, a 35-megawatt operational and electrified crypto mining data center and all the BTC Mining Machines will be transferred to the Company. The first phase is expected to close in the next few days. The second phase, which involves transfer of the remaining Data Centers to the Company, is expected to close upon completion of construction of the remaining Data Centers.
Mr. Xianfeng Yang, CEO of BIT Mining, remarked :
This transaction represents a significant milestone in advancing our global development strategy,
“Following the divestiture of our mining pool business, we have sharpened our focus on bolstering core competencies by dedicating resources to mining machine innovation, self-operated mining, and mining data center operations. With our expanded market presence and robust operational capabilities, we are well-equipped to further solidify our competitive edge and enhance our profitability and financial standing, paving the way for long-term, sustainable growth.”
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BIT Mining to Acquire Ethiopian Mining Data Centers and Mining Machines, source
