BIT Mining Limited, a cryptocurrency mining company, has announced plans to invest in Ohio and build a new data center.
BIT Mining Limited, based in Hong Kong, has made another mining investment outside of China. The mining company announced the signing of a membership interest purchase agreement to invest in an Ohio data center. The “Ohio Mining Site,” as it is being dubbed, will be a joint venture with Viking Data Centers, LLC, with the pair launching the crypto mining data center with an 85 megawatt power capacity. The site is expected to be operational in February 2022, according to the announcement.
The terms of the agreement between BIT Mining and Viking Data Centers state that the former will invest more than $12 million to get the operation up and running by the first quarter of 2022. The first $10 million of the total investment will be paid in cash, with Viking Data Centers handling the remainder in cash or Class A ordinary shares. Once the project is completed, BIT Mining will own 51 percent of the Ohio Mining Site, while Viking Data Centers will own the remaining 49 percent.
The first phase of site development will increase power capacity to 11 megawatts, while the second will increase it to 39 megawatts. Finally, a third phase will add the remaining 35 megawatts to the press release’s stated 85 megawatts of power capacity. BIT Mining hopes to complete the first two phases by the end of 2021, with targets of Oct. 15 and Nov. 15. The third phase is scheduled to be completed on February 15, 2022.
In addition to this project, Viking Data Centers is building a mining space in Ohio with a power capacity of up to 17 megawatts.
BIT Mining is a mining company that invests in the industry.
BIT Mining stated in the announcement, “BIT Mining has been executing a robust plan to invest in, acquire, and develop high-quality mining resources around the world.” As of the date of this press release, the Company had shipped 1,016 mining machines to the United States. The Company intends to strengthen its expansion efforts and accelerate its global development in the future.”
In addition to the over 1,000 mining rigs that BIT Mining has shipped to the United States, the company has previously sent around 5,000 bitcoin miners from their headquarters in Shenzhen, China to Kazakhstan. The Central Asian country has emerged as one of the few popular destinations for cryptocurrency miners fleeing China’s sweeping bans. As of July 2021, BIT Mining was one of 25 mining companies in the area.
Over the next few quarters, BIT Mining says it will continue to ship whatever mining rigs it still has in China overseas to new data centers.