AKRON,
Ohio, Dec. 3, 2024 /PRNewswire/ -- BIT Mining
Limited (NYSE: BTCM) ("BIT Mining" or the "Company"), a leading
technology-driven cryptocurrency mining company, today
announced that it has entered into a definitive agreement (the
"Agreement") to acquire 51-megawatt crypto mining data
centers in Ethiopia (the "Data
Centers") and 17,869 high-quality Bitcoin ("BTC")
mining machines (the "BTC Mining Machines").
Under the Agreement, the Company will indirectly acquire the
Data Centers and BTC Mining Machines for a total consideration of
US$14.28 million. The consideration
comprises a cash payment of US$2.265
million and the issuance of Class A ordinary shares of the
Company with a par value of US$0.00005 per share, amounting to an aggregate
value of US$12.015 million.
The transaction will be executed in two phases. Upon completion
of the first phase, a 35-megawatt operational and electrified
crypto mining data
center and all the BTC Mining Machines will be transferred to the
Company. The first phase is expected to close in the next few days.
The second phase, which involves transfer of the remaining Data
Centers to the Company, is expected to close upon completion of
construction of the remaining Data Centers.
"This transaction represents a significant milestone in
advancing our global development strategy," remarked Mr.
Xianfeng Yang, CEO of BIT Mining,
"Following the divestiture of our mining pool business, we have
sharpened our focus on bolstering core competencies by dedicating
resources to mining machine innovation, self-operated mining, and
mining data center operations. With
our expanded market presence and robust operational capabilities,
we are well-equipped to further solidify our competitive edge and
enhance our profitability and financial standing, paving the way
for long-term, sustainable growth."
About BIT Mining
BIT Mining (NYSE: BTCM) is a leading technology-driven
cryptocurrency mining company with operations in
cryptocurrency mining, data center operation and
mining machine manufacturing. The Company is strategically creating
long-term value across the industry with its
cryptocurrency ecosystem. Anchored by its
cost-efficient data centers that strengthen its profitability with
steady cash flow, the Company also conducts self-mining operations
that enhance its marketplace resilience by leveraging
self-developed and purchased mining machines to seamlessly adapt to
dynamic cryptocurrency pricing. The Company also owns
7-nanometer BTC chips and has strong capabilities in the
development of LTC/DOGE miners and ETC miners.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act of 1934,
as amended, and as defined in the U.S. Private Securities
Litigation Reform Act of 1995. These forward-looking statements can
be identified by terminology such as "will," "expects,"
"anticipates," "future," "intends," "plans," "believes,"
"estimates," "target," "going forward," "outlook" and similar
statements. Forward looking statements in this press release
include, but are not limited to, statements on the potential impact
of the proposed acquisition and whether the Company will complete
the proposed acquisition. Such statements are based upon
management's current expectations and current market and operating
conditions and relate to events that involve known or unknown
risks, uncertainties and other factors, all of which are difficult
to predict and many of which are beyond the Company's control,
which may cause the Company's actual results, performance or
achievements to differ materially from those in the forward-looking
statements. Important factors that could cause BIT Mining's actual
results to differ materially from those indicated in the
forward-looking statements include, but are not limited to, any
adverse change in the business and financial performance of the
Company or the landscape of the cryptocurrency mining
industry, the inability of the Company or the counterparty to
satisfy the closing conditions of the proposed acquisition, and the
occurrence of any event, change or other circumstance that could
give rise to the termination of the Agreement. Further information
regarding these and other risks, uncertainties or factors is
included in the Company's filings with the U.S. Securities and
Exchange Commission. The Company does not undertake any obligation
to update any forward-looking statement as a result of new
information, future events or otherwise, except as required under
law.
For more information:
BIT Mining Limited
ir@btcm.group
Ir.btcm.group
www.btcm.group
Piacente Financial Communications
Brandi Piacente
Tel: +1 (212) 481-2050
Email: BITMining@thepiacentegroup.com
View original
content:https://www.prnewswire.com/news-releases/bit-mining-to-acquire-ethiopian-mining-data-centers-and-mining-machines-302320767.html
SOURCE BIT Mining Limited