On September 22, Hong Kong-based leading cryptocurrency firm, BIT Mining announced via press release that in a joint venture with Viking Data Centers, it will jointly invest $12M to develop and operate a crypto mining data center space in Ohio, named ‘Ohio Mining Site’, whose creation will occur in three stages. 

US-listed cryptocurrency company, BIT Mining Limited, announced on Wednesday that it's agreed with Viking Data Centers, LLC to take a position as a US-listed cryptocurrency company in developing a crypto mining data center in Ohio. The firm has signed a Membership Interest Purchase contract with Viking Data Centers to create the Cryptocurrency Mining infrastructure with 85 megawatts of power capacity. 

BIT Mining has said that the event of the infrastructure is predicted to be completed by February 2022. The deal also involved $12.1 million of the overall investment for the event of the Ohio Mining Site. On the completion of the project, 51% equity interest within the mining data center will be in hold of BIT Mining Limited, and Viking Data Centers will hold the leftover of 49%, according to the terms of the agreement. 

The announcement noted, “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 deployment of the information center building is planned to require a place in three phases. The primary phase involves building a complete capacity of 11 MW, the second with 39 MW capacity, and also the third stage will have 35 MW of capacity. BIT Mining commented on the progress of stages “The first, second, and third phases are currently expected to be completed by October 15, 2021, November 15, 2021, and February 15, 2022, respectively.” 

Genesis Digital Assets, headquartered in Iceland and a significant commercial Bitcoin company, raised $431 million from capital investors, thus completing another massive strategic funding round.

Rushali Das

CBW - External Analyst

INDIA