NYSE-Listing Chinese Company BTCM Goes Overseas; Builds A Crypto Mining Center in Kazakhstan
BIT Mining is making an investment of RMB60 million (US$9.33 million) in a crypto mining data center in Kazakhstan, which is expected to have a power capacity of 100MW.
It has already started.
Over the past week, China banning Bitcoin trading and mining rattled the industry as it sent the prices crashing. But as we reported, the market also recognized that it is a massive opportunity to not only move outside China, putting an end to China controlling the Bitcoin narrative but also at the same time moving towards renewable sources.
It looks like things are already making a shift as Chinese miners look overseas following the latest crackdown.
BIT Mining Limited (BTCM), a Chinese company listed on NYSE, announced on Monday that it is making an investment of RMB60 million (US$9.33 million) in a cryptocurrency mining data center in Kazakhstan.
According to CBECI, in April 2020, China accounted for 65.08% of Bitcoin mining hash power, followed by the USA at 7.24%. Kazakhstan is in 4th place with a 6.17% share after Russia‘s 6.90% share.
BIT Mining will be jointly investing in a cryptocurrency mining data center in Kazakhstan in association with a Kazakhstan-based company. Once constructed, the total power capacity of the Kazakhstan Mining Data Center is expected to be 100MW.
The Company will hold an 80% equity interest in the Kazakhstan Mining Data Center, with the local partner holding 20%.
BIT Mining also entered into a two-service agreement with another Kazakhstan-based company to provide them with a comprehensive data center service package in the country.
With the service agreements entered into today, BIT Mining expects its total power capacity devoted to cryptocurrency mining in Kazakhstan to reach as high as 60MW eventually. Starting from July 1, 2021, the company will have access to a total power capacity of 20MW under the agreement.