BIT Mining, a cryptocurrency mining company listed on the New York Stock Exchange, has taken significant steps to expand its footprint with new operations in Ethiopia. On December 9, the company announced the completion of the first phase of its acquisition plan involving data centers and Bitcoin mining equipment in the East African nation.
The company’s plans include acquiring up to $14.2 million worth of data centers and Bitcoin mining machines, adding 51 megawatts of data center capacity and 17,869 Bitcoin mining machines to its portfolio. The initial phase involved a cash-and-stock transaction valued at $2.265 million in cash and 369,031,800 Class A ordinary shares to secure a 35 MW crypto mining data center.
BIT Mining stated that the next phase of its Ethiopian expansion will focus on completing the acquisition of additional data centers, expected to conclude by March or April 2025. The final phase aims to make the data centers operational by late Q1 or early Q2 2025. To fund the deal, the company may issue up to 45,278,600 BTCM shares.
In a related update, BIT Mining reiterated its commitment to merging mining Litecoin (LTC) and Dogecoin (DOGE) due to substantial profits from self-mining these cryptocurrencies in the past year. As of November 27, 2024, the company had mined 84,485.42 LTC and 227,908,250.38 DOGE.
The surge in cryptocurrency prices has significantly boosted BIT Mining’s operations. Litecoin and Dogecoin prices have increased by 73% and 117%, respectively, in the past 30 days. Bitcoin recently surpassed $100,000, rising 31% over the same period and 126% year-on-year. BIT Mining’s stock (BTCM) has climbed 29% in the past week.
Source: Cointelegraph
