Bitcoin (Bitcoin) Mining company BIT Mining plans to invest USD 12.14 million to develop an 85 MW encrypted mining center in Ohio.
As the company that owns all mining pool businesses under BTC.com, BIT Mining and Viking Data Centers have reached a joint venture agreement, Establish Bitcoin mining facilities.
As part of the joint venture agreement, BIT Mining will pay Viking Data USD 10.84 million in cash, and the remaining amount will be settled in cash or company stock.
Following the investment in Viking Data and the subsequent joint venture agreement, BIT Mining will own 51% of Ohio’s Bitcoin mining facilities.
According to reports, the planned 85MW Bitcoin mining facility is called the “Ohio Mining Farm” and will be developed in three phases.
The first phase of the facility’s development will reach a capacity of 11 MW by October 15, 2021, while the milestone capacity for the second and third phases will be 39 and 35 MW, respectively.
According to the announcement, the timetable for the second and third phases is November 15, 2021 and February 15, 2022.
The announcement on Wednesday also stated that BIT Mining has acquired 1,016 Bitcoin mining machines and plans to further expand its inventory.
The Ohio mine is one of many Bitcoin mining facilities that will be launched in the United States. Stable migration of computing power To North America.
After China cracked down on crypto mining in the summer, miners were forced to move their equipment overseas.
North American mining companies took this opportunity to expand their market share, with major companies purchasing additional drilling rigs for their facilities.
This inventory expansion has also led to a significant increase in revenue Riot Blockchain reports quarterly revenue growth of 1,540% Come back in August.
The Ohio mine is also part of BIT Mining’s business expansion, and The company also has operations in Kazakhstan, As Cointelegraph previously reported.