As a seasoned crypto investor with a knack for spotting promising opportunities and a penchant for diversifying my portfolio, I find BIT Mining’s expansion plans incredibly intriguing. The strategic move into Ethiopia, with its potential to add 51 MW of data centers and over 17k mining machines, is undeniably appealing. However, the timeline stretching until Q1 or Q2 2025 might test my patience.
Cryptocurrency mining company, BIT Mining, which is publicly traded on the New York Stock Exchange, has unveiled plans to enlarge its mining activities through fresh acquisitions in Ethiopia.
On December 9th, the company disclosed that they had finished the initial stage of their strategy to purchase data centers and Bitcoin mining machinery in Ethiopia.
In its initial announcement, BIT Mining said it planned to acquire up to $14.2 million worth of data centers and BTC mining machines. The deal will see the miner get an additional 51-megawatt in data centers as well as 17,869 Bitcoin mining machines. The first phase of the deal is done, BIT wrote.
The cash-and-stock transaction included $2.265 million in cash and 369,031,800 Class A ordinary shares to acquire a 35 MW crypto mining data center. BIT Mining also added 17,869 Bitcoin mining machines to its operations.
The upcoming stage of our growth is projected to wrap up between March and April in 2025, primarily involving the purchase of the remaining data centers. We anticipate this agreement will be finalized, with the new data centers becoming active by the end of Q1 or the beginning of Q2 2025. If everything goes as planned, our company intends to distribute up to 45,278,600 shares of BTCM stock to finance this expansion.
Recently, BIT Mining disclosed their plan to concurrently mine Litecoin (LTC) and Dogecoin (DOGE), citing substantial earnings they’ve reaped from self-mining these cryptocurrencies over the last year as the reason behind this decision.
As of November 27, 2024, BIT had mined a total of 84,485.42 LTC and 227,908,250.38 DOGE.
According to Dr. Youwei Yang, the chief economist and vice president of mining at BIT Mining, the surge in Litecoin and Dogecoin, which was partially driven by Elon Musk’s influence and alterations in US regulations following Trump’s presidency, has significantly influenced mining profitability.
In the last month, the prices of Litecoin (LTC) and Dogecoin (DOGE) have skyrocketed by 73% and 117%, respectively. Over the same timeframe, Bitcoin (BTC), which just broke the $100,000 mark, experienced a 31% increase and has seen an overall growth of 126% over the past year. Additionally, BTC Miners Exchange (BTCM) stock went up by 29% in the last week.
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2024-12-09 19:05