Chinese language Agency Bit Mining Invests $9M to Construct 100 Megawatt Bitcoin Farm in Kazakhstan – Mining Bitcoin Information
Shenzhen-based Bit Mining is planning to assemble and function a 100 MW crypto-mining information middle in Kazakhstan. The mission will likely be carried out in partnership with two native corporations that may even present the enterprise with an array of providers. The overall quantity of the funding will exceed $9 million.
Kazakhstan to Host New 100 MW Crypto Mining Facility
Bit Mining introduced this week it has entered right into a binding funding time period sheet with a Kazakhstani entity. The 2 corporations will cooperate on the development of a brand new crypto mining facility within the Central Asian republic. The Chinese language agency could have an 80% fairness curiosity within the new Kazakhstan Mining Information Heart, with the remaining 20% held by its native companion.
The bitcoin farm will launch with an influence capability of 20 MW and when absolutely operational it’s anticipated to succeed in a complete capability of 100 MW. Bit Mining mentioned it’s going to speculate 60 million Chinese language yuan (round $9.33 million) into the joint mission.
The Chinese language firm has additionally concluded two service agreements for its mining gear, one in every of which with its fundamental companion and a second one with one other firm from Kazakhstan. They may present a spread of wanted providers together with on-site gadget internet hosting, broadband community assist, safety monitoring, server administration, and upkeep. The agreements will come into drive on July 1, 2021.
Bit Mining Expands Coin Minting Enterprise Globally
Previously referred to as 500.com, Bit Mining has launched into a speedy enlargement within the crypto mining trade since earlier this 12 months and its actions now cowl cryptocurrency mining, mining pool and information middle operations. Bit Mining has up to now deployed bitcoin mining gadgets with a most hash fee capability of roughly 1,031.5 PH/s. It owns three hydroelectric information facilities with a complete energy capability of 435 MW.
In April, earlier than its rebranding, the Chinese language agency acquired the mining firm Btc.com. It presently owns your entire mining pool enterprise operated underneath Btc.com, together with the area title and the platform’s cryptocurrency pockets.
The publicly-listed Bit Mining Restricted (NYSE: BTCM) additionally purchased Bee Computing (HK) Restricted, a 7-nanometer cryptocurrency mining machine producer. The acquisition goals to finish the vertical integration with its provide chain, the corporate famous, whereas growing its self-sufficiency and strengthening its aggressive place.
This month, Bit Mining introduced a mission to determine a brand new cryptocurrency mining information middle within the U.S. state of Texas. The funding price $25 million is a part of a binding settlement with Dory Creek, a wholly-owned subsidiary of Bitdeer. The businesses are planning to construct and function a 57 MW mining facility which will likely be powered utilizing predominantly low-carbon vitality.
What do you concentrate on Bit Mining’s newest mission in Kazakhstan? Tell us within the feedback part beneath.
Picture Credit: Shutterstock, Pixabay, Wiki Commons