HONG KONG, Sept. 22, 2021 /PRNewswire/ -- BIT Mining Limited
(NYSE: BTCM) ("BIT Mining" or the "Company"), a leading
cryptocurrency mining enterprise, today announced that it has
entered into a Membership Interest Purchase Agreement and certain
other auxiliary agreements (the "Agreements") with Viking Data
Centers, LLC ("Viking Data Centers") to jointly invest in the
development of a cryptocurrency mining data center space in
Ohio (the "Ohio Mining Site") with
access to power capacity of up to
85 megawatts ("MW"). Development of the Ohio Mining Site is
currently expected to be fully
completed in February 2022.
Pursuant to the Agreements, the Company will invest a total of
US$12.14 million in the Ohio Mining
Site, which will be jointly developed and operated through a joint
venture (the "JV") with Viking Data Centers. Of the US$12.14 million consideration, US$10.84 million will be paid in cash and the
remaining US$1.3 million payable to
Viking Data Centers will be settled either in cash, or in the form
of Class A ordinary shares, par value US$0.00005 per share of the Company, at the
Company's discretion. Upon
execution of the Agreements, the Company will hold a 51% equity
interest in the Ohio Mining Site, and Viking Data Centers will hold
the remaining 49%. The Ohio Mining Site will be developed in three
phases, with 11MW in the first phase, 39MW in the second and the
remaining 35MW in the third. The first, second and third phases are
currently expected to be completed
by October 15, 2021, November 15, 2021 and February 15, 2022, respectively.
As part of its growth strategy, BIT Mining has been
executing a robust plan
to invest in, acquire and develop high-quality mining resources
around the world. The Company has shipped 1,016 mining machines to the
United
States as of the date of this press release. Going forward, the Company plans to
further strengthen its expansion efforts and accelerate its global
development.
The transactions contemplated under the
Agreements are subject to customary closing conditions.
About BIT Mining
BIT Mining (NYSE: BTCM) is a leading cryptocurrency mining
company, with a long-term strategy to create value across the
cryptocurrency industry. Its business covers cryptocurrency mining,
mining pool, and data center operation. The Company owns the entire
mining pool business operated under BTC.com, including the domain
name BTC.com. The Company has also entered into a definitive
agreement to acquire a 7-nanometer cryptocurrency mining machine
manufacturer, Bee Computing, to complete the Company's vertical
integration with its supply chain, increase its self-sufficiency
and strengthen its competitive position.
About Viking Data Centers
Viking Data Centers is focused on developing high-performance
computer data centers focused on crypto mining at which it can
offer co-location infrastructure, operations, and maintenance
services to crypto miner clients. It currently is developing a
mining space up to 170MW in the state of Ohio.
Forward-Looking Statements
This news release contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, and as defined in the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements can be
identified by terminology such as "will," "expects," "anticipates,"
"future," "intends," "plans," "believes," "estimates," "target,"
"going forward," "outlook" and similar statements. Such statements
are based upon management's current expectations and current market
and operating conditions and relate to events that involve known or
unknown risks, uncertainties and other factors, all of which are
difficult to predict and many of which are beyond the Company's
control, which may cause the Company's actual results, performance
or achievements to differ materially from those in the
forward-looking statements. Important factors that could cause BIT
Mining's actual results to differ materially from those indicated
in the forward-looking statements include, among others: the formation of the JV, the joint development and
operation of the Ohio Mining Site, and the execution and
anticipated benefits of BIT Mining's growth strategy, including the
transactions contemplated under the Agreements. Further
information regarding these and other risks, uncertainties or
factors is included in the Company's filings with the U.S.
Securities and Exchange Commission. The Company does not undertake
any obligation to update any forward-looking statement as a result
of new information, future events or otherwise, except as required
under law.
For further information:
BIT Mining Limited
ir@btc.com
Ir.btc.com
The Piacente Group, Inc.
Brandi Piacente
Tel: +1 (212) 481-2050
Email: BITMining@thepiacentegroup.com
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SOURCE BIT Mining Limited