BIT Mining To Buy Mining Data Centers And Machines For $14.28 Mln In Africa

(RTTNews) - BIT Mining Limited (BTCM), a cryptocurrency miner, said on Tuesday that it has inked a deal to acquire 51-megawatt crypto mining data centers in Ethiopia and 17,869 high-quality Bitcoin or BTC mining machines for $14.28 million.

The consideration comprises a cash payment of $2.265 million and the issuance of class A shares with a par value of $0.00005 per share, amounting to a total value of $12.015 million.

The transaction will be executed in two phases. Upon completion of the first phase, a 35-megawatt operational and electrified crypto mining data center and all the BTC mining machines will be transferred to the company. The first phase is expected to be closed in the next few days.

The second phase, which involves the transfer of the remaining data centers, is expected to be closed upon completion of construction of the remaining data centers.