Bit Mining raises $ 50 million to “escape” from China

Bit Mining, a Shenzhen-based mostly cryptocurrency mining corporation, is raising $ 50 million to fund its growth past the Chinese market place.

Bit Mining is raising money in response to the crackdown on cryptocurrency mining in China in May, to invest in much more mining machines, establish new information centers, and increase infrastructure in China.

Announced on July twelve, the corporation has signed an agreement with institutional and accredited traders to increase $ 50 million by way of a share challenge.

$ 50 million personal placement! Ready for much more growth!

– BIT Mining Limited (@BITMining_BTCM) July 13, 2021

Bit Mining is owned by the Chinese lottery support supplier 500.com, which is listed on the NYSE and which operates the primary Bitcoin mining pool, BTC.com. As aspect of the challenge, Bit Mining will supply one hundred million Class A popular stock at a invest in cost of $ five for ten shares.

Each share comes with a mandate that the investor can redeem to invest in much more shares in the long term. The warrants will have a fixed phrase of 3 many years and will be legitimate for 6 months from the date of challenge, with an physical exercise cost of $ six.81 per ten Class A popular stock.

New York-based mostly investment financial institution HC Wainwright & Co. is acting as the sole issuing agent for the providing, with the personal placement anticipated to shut on May sixteen. seven.

Bit Mining has effectively delivered its to start with batch of mining machines to Kazakhstan. The to start with batch consists of 320 miners with a complete hashrate capability of 18.two petahash per 2nd (PH / s). The corporation adds that the 2nd and third batches with a complete of two,600 miners will be delivered on one July.

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