China’s BIT Mining Ltd – ADR announced the delivery of the first batch of its cryptocurrency mining machines to Kazakhstan.
What Happened: Last month, BIT Mining entered into a binding investment term sheet with an unnamed Kazakhstan-based company on a cryptocurrency mining data center in the Central Asian republic.
BIT Mining plans to invest $9.33 million to jointly construct and operate the new Kazakhstan Mining Data Center, which is expected to have a total power capacity of 100MW.
BIT Mining will hold an 80% equity interest in the Kazakhstan Mining Data Center and its local partner will hold the remaining 20%.
This first batch to be delivered consisted of 320 mining machines with a theoretical maximum total hash rate capacity of 18.2 PH/s. The company expected the machines to be in operation by June 27.
A second and third batch, totaling 2,600 mining machines with a theoretical maximum total hash rate capacity of 102.3 PH/s, are expected to be delivered to Kazakhstan before July 1.