A leading crypto-mining enterprise, BIT Mining limited, announced today that they have delivered the first batch of machinery to Kazakhstan. This batch consists of 320 machines, and the consecutive batches are estimated to be around 2,600 mining machines, which combined could potentially achieve a maximum hash rate of 102.3PH/s. Mining operations are set to begin by 27th June 2021.
This growth expansion plan to overseas was in place for quite a while now and the company focussed on partnering with a Kazakhstan-based company, a local partner, by investing a sum of $9.33 million to create and operate the mining data centers. With this investment, BIT Mining Limited now holds 80% shares of the data center, and the remaining belong to the local partner.
BIT Mining expects this data center to propel them to reach 60MW in total power capacity in Kazakhstan. From the first of July, the company will have control over 20MW of power under the Service agreements.
Their expansion strategy is also now concentrated in the United States. The publicly listed company has also invested $25 million in a binding agreement with Bitdeer. The partnership also involves a subsidiary of Bitdeer, Dory Creek, to build a mining facility and help facilitate the shipping of machines. According to Sources: Bit mining ships more than 500 bitcoin mining machines to Texas.
This all happened after State Grid Sichuan Ganzi Electric Power gave notice to the Ganzi Changhe data, informing them that they will no longer receive power to run their machines. The CEO of BIT Mining also weighed in on this situation, and he highlighted that their investments in Texas and Kazakhstan will help them accelerate overseas development.
Mining activities in North America are slowly coming to light, and the total mining capacity is increasing with such expansions from overseas. Recently, Poolin, Hong Kong-based company, has acquired its rival Novablock to increase its hash power dominance.
Born and brought up in India, Karthikeya Gutta is a crypto journalist and freelance contributor for ItsBlockchain. He covers various aspects of the industry with in-depth analysis and research. His passion towards blockchain and crypto ecosystem is mainly because he believes it can really change the world and help millions of people.
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