Shenzhen-based Bit Mining plans to build and operate a 100 MW crypto-mining data center in Kazakhstan. The project will be implemented in partnership with two local companies that will provide a range of services to the enterprise. The total amount of investment will be more than $ 9 million.
Kazakhstan to host new 100 MW crypto mining facility
Bit Mining announced this week that it had entered into a binding investment term sheet with the Kazakhstan entity. The two companies will cooperate in the construction of a new crypto mining facility in the Central Asian Republic. The Chinese firm will have an 80% equity interest in the new Kazakhstan mining data center, with the remaining 20% being held by its local partner.
The bitcoin farm will launch with a power capacity of 20 MW and is expected to reach a total capacity of 100 MW when fully operational. Bit Mining said it is going to invest 60 million Chinese yuan (about $ 9.33 million) in the joint project.
The Chinese company has also entered into two service agreements for its mining equipment, one with its main partner and the other with the company. Kazakhstan. They will provide many essential services including on-site device hosting, broadband network support, security monitoring, server management and maintenance. The agreements will come into effect from July 1, 2021.
Bit Mining Expands Coin Mining Business Globally
Formerly known as 500.com, Bit Mining has expanded rapidly in the crypto mining industry since earlier this year and its activities now include cryptocurrency mining, mining pools and data center operations. Bit Mining has so far deployed bitcoin mining equipment with a maximum hash rate capacity of approximately 1,031.5 PH / s. It has three hydroelectric data centers with a total power capacity of 435 MW.
In April, before its rebranding, the Chinese firm Received Mining Company Btc.com. It currently owns the entire mining pool business operating under Btc.com, which includes the domain name and the platform’s cryptocurrency wallet.
Publicly listed Bit Mining Limited (NYSE: BTCM) Also bought 7-nanometer cryptocurrency mining machine manufacturer Be Computing (HK) Limited. The acquisition aims to complete vertical integration with its supply chain, the company noted, while increasing its self-sufficiency and strengthening its competitive position.
This month, Bit Mining Announced Project to establish a new cryptocurrency mining data center in the US state of Texas. The $ 25 million investment is part of a binding agreement with Bitdeer’s wholly owned subsidiary, Dory Creek. The companies plan to build and operate a 57 MW mining facility that will primarily operate using low carbon energy.
What do you think about Bit Mining’s latest project in Kazakhstan? Let us know in the comments section below.
Image credit: Shutterstock, Pixabay, Vicky Commons