BIT Mining Ramps Up Investment In Ohio Crypto-Mining Site
Crypto miner BIT Mining (NYSE: 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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