#Cryptocurrency #USA #Akron #BIT Mining #Ethiopia

BIT Mining Completes First Phase of Ethiopian Acquisition

BIT Mining Limited (NYSE: BTCM), a prominent player in the technology-driven cryptocurrency mining sector, has revealed a significant development in its growth strategy by completing the initial phase of its acquisition in Ethiopia. This acquisition is poised to enhance BIT Mining's operational capacity and efficiency in the crypto mining landscape.

In this initial phase, BIT Mining has invested $2.265 million and issued approximately 369 million Class A ordinary shares to the sellers, enabling the company to secure a 35-megawatt operational crypto mining data center and 17,869 Bitcoin mining machines. This strategic move not only expands BIT Mining's mining capabilities but also underscores the company’s commitment to strengthening its foothold in the cryptocurrency market.

The importance of this acquisition cannot be overstated as BIT Mining seeks to capitalize on the growing demand for cryptocurrency mining. By adding substantial infrastructure and equipment to its assets, BIT Mining is strategically positioning itself to respond to the dynamic nature of the cryptocurrency sector, which often experiences rapid fluctuations in market conditions.

The second phase of the acquisition, which is expected to include the transfer of additional data centers, is slated to close upon the completion of ongoing construction activities in March or April 2025. Upon the successful closing of this phase, BIT Mining intends to issue an additional 45,278,600 Class A ordinary shares as part of the agreement.

About BIT Mining

BIT Mining Limited is recognized as a leading entity in the cryptocurrency mining industry, focusing on operations that include cryptocurrency mining, data center management, and mining machine manufacturing. The Company's business model is strategically oriented towards creating long-term value, utilizing its efficient data centers to generate steady cash flow, which is essential for profitability in the competitive cryptocurrency arena.

In addition to expanding through acquisitions, BIT Mining conducts self-mining operations, a strategy that enhances its resilience in the marketplace. The company leverages both its self-developed and purchased mining machines to adapt to the volatile pricing of cryptocurrency effectively. Notably, BIT Mining's ownership of 7-nanometer BTC chips and its capacity to develop miners for Litecoin, Dogecoin, and Ethereum Classic further reinforce its robust position in the industry.

Forward-Looking Statements

This announcement contains forward-looking statements as defined by the Securities Exchange Act of 1934 and the U.S. Private Securities Litigation Reform Act of 1995. Such statements may include terms such as “will,” “expects,” and “anticipated.” While BIT Mining is confident in its strategic direction, certain risks and uncertainties could affect its ability to realize the anticipated outcomes, including changes in the cryptocurrency landscape and business performance factors.

For ongoing updates and further information, BIT Mining encourages stakeholders and interested parties to keep an eye on its filings with the U.S. Securities and Exchange Commission while also maintaining communication with its investor relations team.

Conclusion

In conclusion, BIT Mining's successful completion of the first phase of its Ethiopian acquisition marks a pivotal step in its growth strategy, reflecting the company’s desire to reinforce its market presence. With the second phase on the horizon, BIT Mining is poised for a significant expansion in its operational capabilities that could greatly impact the global cryptocurrency mining industry.