#USA #crypto mining #Akron #BIT Mining #Ethiopia

BIT Mining Expands its Reach with Ethiopian Acquisition

BIT Mining Limited (NYSE: BTCM), a prominent name in the technology-driven cryptocurrency mining sector, is making significant strides in its growth strategy. The company has recently disclosed a major acquisition agreement involving operations in Ethiopia, which includes both high-capacity mining data centers and state-of-the-art Bitcoin mining machinery.

The Acquisition Details

Under the terms of the definitive agreement, BIT Mining will obtain 51 megawatts worth of cryptocurrency mining data centers and an impressive inventory of 17,869 high-quality Bitcoin mining machines. The total cost of the deal amounts to $14.28 million, a combination of $2.265 million in cash and $12.015 million worth of Class A ordinary shares.

The acquisition will take place in two distinct phases. The first phase will see the transfer of a 35-megawatt operational and electrified crypto mining data center along with all the BTC mining machines. This phase is expected to reach completion within days. The second phase, which entails the transfer of the remaining data center resources, will occur once construction is finalized. This step marks a substantial enhancement in BIT Mining's operational capacity and market presence.

Strategic Implications

Mr. Xianfeng Yang, the CEO of BIT Mining, commented on the acquisition, calling it a **