BIT Mining Limited, a US-listed cryptocurrency mining company, announced on Wednesday that it agreed with Viking Data Centers, LLC to jointly invest in developing a crypto mining data center in Ohio. According to the press release, the firm entered into a Membership Interest Purchase Agreement with Viking Data Centers to build the infrastructure with a power capacity of up to 85 megawatts.
The development of the crypto mining site is expected to be completed by February 2022, BIT Mining said. Additionally, the deal involved a total investment of $12.1 million in the so-called Ohio Mining Site. As part of the deal, the US-listed company will hold 51% equity interest in the mining data center, while Viking Data Centers hold the remaining 49%.
“As part of its growth strategy, BIT Mining has been executing a robust plan to invest in, acquire and develop high-quality mining resources around the world. The company has shipped 1,016 mining machines to the United States as of the date of this press release. Going forward, the company plans to further strengthen its expansion efforts and accelerate its global development,” the announcement noted.
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The deployment of the data center’s building will take place in three phases, with the first one consisting in building a total capacity of 11 MW, while the second and third stages will have 39 MW and 35 MW of capacity, respectively. “The first, second and third phases are currently expected to be completed by October 15, 2021, November 15, 2021, and February 15, 2022, respectively,” BIT Mining commented.
Recent Crypto Mining Industry Developments
Furthermore, in other announcements within the crypto mining sphere, Iceland-headquartered Genesis Digital Assets, a major commercial Bitcoin mining company, completed another massive strategic funding round, raising $431 million from venture capital investors.
The round was led by Paradigm and participated by big names in the crypto and finance space, including NYDIG, Stoneridge, FTX, Ribbit, Electric Capital and Skybridge.