AKRON,
Ohio, Dec. 9, 2024 /PRNewswire/ -- BIT Mining
Limited (NYSE: BTCM) ("BIT Mining" or the "Company"), a leading
technology-driven cryptocurrency mining company, today
announced that it has completed the first phase of
previously-announced acquisition of crypto mining data
centers and Bitcoin ("BTC") mining machines in
Ethiopia. To complete the first
phase of the acquisition, the Company has made a cash payment of
US$2.265 million and issued an
aggregate number of 369,031,800 Class A ordinary shares to the
sellers in exchange for a 35-megawatt operational and electrified
crypto mining data center and 17,869 BTC mining
machines. The second phase of the acquisition, which involves
transfer of the remaining data centers to the Company, will close
upon completion of construction of the remaining data centers,
which is expected to occur in March or April
2025. Upon closing of the second phase, the Company will
issue an additional 45,278,600 Class A ordinary shares as
consideration.
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 closing of the
second phase of 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 for the proposed
acquisition. 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
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SOURCE BIT Mining Limited