HONG
KONG, June 30, 2022 /PRNewswire/ -- BIT Mining
Limited (NYSE: BTCM) (the "Company"), a leading technology-driven
cryptocurrency mining company, today announced the completion of a
spin-off with Viking Data Centers LLC ("Viking Data Centers") in
developing and operating the Ohio
cryptocurrency mining data center (the "Ohio Mining Site").
The Company had been jointly developing the Ohio Mining Site
with Viking Data Centers through its affiliate for a total planned
power capacity of 150 megawatts ("MW"). After completion of the
spin-off, the Company, through its affiliate, has exclusive access
to 82.5MW of planned electrical power and Viking Data Centers has
exclusive access to the remaining 67.5MW, in accordance to their
respective equity ownership immediately prior to the spin-off.
The mining space with access to 50MW has been completed by the
closing of this spin-off transaction and is already in operation at
the Ohio Mining Site. After the spin-off, the Company retains
exclusive access to the entire 50MW and will continue the full
operation of the corresponding mining space. The Company believes
that the spin-off may accelerate the construction process of the
remaining mining space in the Ohio Mining Site to which the Company
has exclusive access – namely, the mining space with exclusive
access to 32.5MW electrical power. The Company expects this mining
space to be completed by the second half of 2022.
The Company's substantial and proven experience includes
state-of-the-art data mining centers located in Kazakhstan, Ohio, Sichuan
Province and Hong Kong.
Furthermore, the Company has been utilizing renewable resources in
these data centers, including building a 435MW hydropower center in
China's Sichuan Province. It also specializes in
enduring construction, successfully building data centers which
isolate machines and protect them from severe weather conditions
and the extreme heat and cold temperatures around the world.
"We will continue to devote our resources to the Ohio Mining
Site in light of better cost control and operational efficiency
improvement," commented Mr. Xianfeng
Yang, CEO of the Company. "While the cooperation with Viking
Data Centers has helped with our initial entrance into the North
American market, we believe that carving out the Ohio Mining Site
business will further enhance our overall operational efficiency as
we expand our business. Going forward, we are considering collaborations with Viking Data
Centers on other projects. We will continue to execute on our plan,
investing in technology, innovation, and high-quality mining
resources worldwide, while building a strong foundation across the
cryptocurrency ecosystem."
About BIT Mining
BIT Mining (NYSE: BTCM) is a leading technology-driven
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 world's top blockchain browser BTC.com and the
comprehensive mining pool business operated under BTC.com,
providing multi-currency mining services including BTC, ETH and
LTC. The Company also owns a 7-nanometer cryptocurrency mining
machine manufacturer, Bee Computing, completing the Company's
vertical integration with its supply chain, increasing its
self-sufficiency and strengthening its competitive position.
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. 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@btcm.group
Ir.btcm.group
www.btcm.group
The Piacente Group, Inc.
Brandi Piacente
Tel: +1 (212) 481-2050
Email: BITMining@thepiacentegroup.com
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SOURCE BIT Mining Limited