Key Points
- BIT Mining, a top cryptocurrency mining company, has begun expanding its operations in Ethiopia.
- The company has acquired a 35-megawatt operational crypto mining data center and 17,869 Bitcoin mining machines in the first phase of expansion.
BIT Mining, a prominent player in the cryptocurrency mining industry, is making significant strides in expanding its operations in Africa. The first phase of its expansion in Ethiopia has been successfully completed.
The firm has announced that it has taken a substantial stake in a 35-megawatt operational crypto mining data center and 17,869 Bitcoin mining machines. This move is part of the company’s ongoing strategy to increase its global footprint.
Details of the Acquisition
The first phase of the acquisition is valued at $2.265 million in cash, along with 369,031,800 Class A ordinary shares issued to the sellers. This move is a significant milestone for BIT Mining as it boosts its mining capacity and solidifies its position in Ethiopia’s burgeoning digital asset market.
BIT Mining has indicated that this acquisition is merely the start. The firm plans to acquire additional data centers in a second phase, expected to be completed by March or April 2025. This next phase will add another 51 megawatts of data center capacity to the company’s portfolio, further enhancing its mining capabilities.
Upon completion of the second phase, the crypto miner will issue an additional 45,278,600 shares, making it a substantial deal for both the company and its investors.
Expansion of Mining Operations
The new data centers will provide BIT Mining with the infrastructure needed to expand its mining operations. The company aims to leverage the growing global demand for Bitcoin and other cryptocurrencies.
The energy-efficient and operationally optimized facilities are positioned to support BIT Mining’s long-term growth and profitability in the competitive crypto mining industry.
In addition to its expansion in Ethiopia, BIT Mining has also been successful in its ongoing mining ventures. The company has recently increased its mining activities for Litecoin and Dogecoin with impressive results.
In the past year, BIT Mining reported that it had mined a total of 84,485.42 LTC and over 227 million DOGE, benefiting from significant price rallies in both of these cryptocurrencies. Litecoin and Dogecoin prices have surged by 73% and 117%, respectively, in the past 30 days, further driving the profitability of BIT Mining’s operations.
BIT Mining continues to strengthen its market position amid this crypto rally, expanding its mining infrastructure to capitalize on the sector’s robust growth momentum. In the past week alone, the company’s stock saw a 29% increase, reflecting strong investor confidence in its expansion strategy and its ability to capitalize on the rising value of cryptocurrencies.
BIT Mining’s expansion efforts come at a time when the global crypto mining industry is undergoing rapid change. Companies are racing to secure mining resources and energy-efficient technologies to stay competitive.
