Chinese bitcoin mining firm BIT Mining has delivered the first batch of 320 machines to Kazakhstan after surgeries in Sichuan were suspended. BIT Mining also expects to deliver two more batches of machines in ancient July.
Chinese Bitcoin Mining Company Delivers First Machines to Kazakhstan
The transfer of mining operations to Kazakhstan comes after BIT Mining received notice on June 19 that electricity supply to its data centre in Sichuan will be suspended from the state energy regulator. .
The firm has announced that it has successfully delivered the batch of mining machines to Kazakhstan. The first batch comprising 320 miners with a whole theoretical maximum hash speed capacity of 18.2 PH/s is expected to be set up and operational on June 27, 2021.
The second and third batches, a total of 2,600 miners using a theoretical maximum total hash power of 102.3 PH/s, are expected to be delivered to Kazakhstan by July 1, 2021.
To execute its overseas deployment strategy, the Company hopes to ship its staying mining machines to international data centers in the forthcoming quarters.
The publicly traded company (NYSE: BTCM) is expected to give an additional 2,600 machines before the beginning of the month.
Learn roughly BIT Mining
BIT Mining (NYSE: BTCM) is a top cryptocurrency mining firm, using a long-term solution to create value from the crypto market.
Its business includes cryptocurrency mining, mining pools, and data center operations. The company has deployed Bitcoin miners using a theoretical maximum total hash of roughly 1,031.5 PH/s and possesses the whole mining pool business conducted under BTC.com, including the domain BTC.com.
The company also signed a definitive agreement to acquire 7-nanometer crypto mining machine maker, Bee Computing, to complete vertical integration with the supply chain, enhance self-sufficiency and strengthen its competitive position.
On June 19, 2021, the subsidiary indirectly held by Ganzi Changhe Hydropower Consumption Services Co. , Ltd (“Ganzi Changhe Data Center”), received notice (“Notice”) from State Grid Sichuan Ganzi Electric Power Co. , Ltd. (“Power Supplier”), notified Ganzi Changhe Data Center that its power source would be suspended, effective from 9:00 p.m. Beijing time, June 19, 2021. Ganzi Changhe Data Center has suspended operations. Data centers in Sichuan, including Ganzi Changhe Data Center, contributed about 3 percent of the Company’s total earnings in May 2021.
Mr. Xianfeng Yang, CEO of BIT Mining, commented,”We are dedicated to protecting the environment and reducing our carbon footprint. We have been expanding abroad as part of our expansion strategy. Following our investments in crypto mining information centers inside Texas and Kazakhstan, we’re accelerating our international development in search of other high-quality mining resources. We believe that our vision and leading edge will enable us to be agile in responding to the evolving international regulatory environment, which will ultimately promote the long-term development of our company. we term growth. “BIT Mining’s data centers in Sichuan contributed about 3 percent of the business’s total earnings in May.
With China’s recent crackdown on the crypto mining sector, companies are trying to move elsewhere. Along with Kazakhstan, BIT Mining has spent $25 million in a brand new facility in Texas.
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