BIT Mining Expands Mining Operations with Acquisitions in Ethiopia
BIT Mining, a cryptocurrency mining firm listed on the New York Stock Exchange, has announced plans to expand its mining operations with new acquisitions in Ethiopia.
The company recently completed the first phase of its acquisition plan, which includes acquiring data centers and Bitcoin (BTC) mining equipment in Ethiopia.
BIT Mining disclosed that it has finalized the initial phase of acquiring up to $14.2 million worth of data centers and BTC mining machines. This deal will add an additional 51-megawatt capacity in data centers and 17,869 Bitcoin mining machines to the company’s operations.
The transaction involved a combination of $2.265 million in cash and 369,031,800 Class A ordinary shares to acquire a 35 MW crypto mining data center. Additionally, BIT Mining acquired 17,869 Bitcoin mining machines as part of the deal.
The next phase of the expansion is expected to be completed by March or April 2025, with a focus on acquiring the remaining data centers. The company aims to have the new data centers operational by late Q1 or early Q2 2025. To fund this expansion, BIT Mining plans to issue up to 45,278,600 BTCM shares.
Earlier this month, BIT Mining announced its decision to continue merge mining Litecoin (LTC) and Dogecoin (DOGE), citing significant profits from self-mining both cryptocurrencies over the past year.
As of November 27, 2024, BIT Mining had mined a total of 84,485.42 LTC and 227,908,250.38 DOGE.
“The recent surge in Litecoin and Dogecoin prices, driven by factors such as Elon Musk’s influence and regulatory changes in the US, has greatly impacted mining profitability,” stated Dr. Youwei Yang, BIT Mining’s chief economist and vice president of mining.
Over the past 30 days, LTC and DOGE prices have surged by 73% and 117%, respectively. Bitcoin, which recently crossed the $100,000 mark, has gained 31% in the same period and has seen a 126% increase over the past year. Additionally, BIT Mining’s stock has risen by 29% in the past week.
Conclusion
BIT Mining’s expansion into Ethiopia marks a significant step in the company’s growth strategy. With plans to acquire additional data centers and mining equipment, BIT Mining is positioning itself for further success in the cryptocurrency mining industry.