Benzinga | Sep 22, 2021 06:59AM EDT

BIT Mining Invests on $12.14M In Cryptocurrency Mining in Ohio

BIT Mining Limited (NYSE:BTCM) ("BIT Mining" or the "Company"), a leading cryptocurrency mining enterprise, today announced that it has entered into a Membership Interest Purchase Agreement and certain other auxiliary agreements (the "Agreements") with Viking Data Centers, LLC ("Viking Data Centers") to jointly invest in the development of a cryptocurrency mining data center space in Ohio (the "Ohio Mining Site") with access to power capacity of up to 85 megawatts ("MW"). Development of the Ohio Mining Site is currently expected to be fully completed in February 2022.

Pursuant to the Agreements, the Company will invest a total of US$12.14 million in the Ohio Mining Site, which will be jointly developed and operated through a joint venture (the "JV") with Viking Data Centers. Of the US$12.14 million consideration, US$10.84 million will be paid in cash and the remaining US$1.3 million payable to Viking Data Centers will be settled either in cash, or in the form of Class A ordinary shares, par value US$0.00005 per share of the Company, at the Company's discretion. Upon execution of the Agreements, the Company will hold a 51% equity interest in the Ohio Mining Site, and Viking Data Centers will hold the remaining 49%. The Ohio Mining Site will be developed in three phases, with 11MW in the first phase, 39MW in the second and the remaining 35MW in the third. The first, second and third phases are currently expected to be completed by October 15, 2021, November 15, 2021 and February 15, 2022, respectively.