BIT Mining, a cryptocurrency mining company listed on the New York Stock Exchange, has announced steps to expand its mining operations with a new acquisition in Ethiopia.
The company announced on December 9 that it has completed the first phase of its plan to acquire data centers and Bitcoin (BTC) mining equipment in Ethiopia.
In its initial announcement, BIT Mining said it plans to acquire up to $14.2 million worth of data centers and BTC mining machines. The deal will give miners an additional 51 megawatts and 17,869 Bitcoin mining machines in the data center. BIT wrote that the first phase of the transaction has been completed.
The cash and stock transaction included $2,265,000 in cash and 369,031,800 shares of Class A common stock to acquire a 35MW cryptocurrency mining data center. BIT Mining also added 17,869 Bitcoin mining machines to its operations.
The next phase of expansion will focus on acquiring the remaining data centers and is expected to be completed in March or April 2025. The deal is expected to close with the new data center coming online by late Q1 or early Q2 2025. If successful, the company plans to issue up to 45,278,600 BTCM shares to fund expansion.
Earlier this month, BIT Mining announced that it would continue mining Litecoin (LTC) and Dogecoin (DOGE). The company attributes this to the huge profits it made self-mining both LTC and DOGE last year.
As of November 27, 2024, BIT has mined a total of 84,485.42 LTC and 227,908,250.38 DOGE.
“The recent rise in Litecoin and Dogecoin has been driven in part by Elon Musk’s influence and changes in the U.S. regulatory landscape following Trump’s victory, which has had a significant impact on mining profitability.” said Dr. Youwei Yang, Chief Economist and Vice President of BIT Mining. said the mining company's president in a statement.
LTC and DOGE prices have increased by 73% and 117%, respectively, in the past 30 days. Bitcoin, which recently topped $100,000, is up 31% in the same period and 126% over the past year. Meanwhile, BTCM stock has risen 29% over the past week.
