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Bit Mining

The mining firm's expansion into Kazakhstan follows plans to introduce new energy fees for crypto miners starting in 2022.

Crypto mining firm BIT Mining, which recently announced it would be expanding out of the Chinese market, plans to purchase 2,500 Bitcoin miners for deployment in Kazakhstan.

In a Wednesday announcement, BIT Mining said it had entered a $6.6 million agreement to buy 2,500 Bitcoin (BTC) mining rigs. The firm has already put 3,819 BTC miners into operation at data centers in Kazakhstan, with another 4,033 machines on the way. Once all are deployed, the addition of the recent mining purchase is expected to increase BIT Mining’s hash rate capacity to roughly 458 petahashes per second.

Though based in the city of Shenzhen, BIT Mining has said it plans to expand its operations outside of China in response to the recent government crackdown on mining. Many Chinese firms have reportedly faced shutdowns following the State Council’s Financial Stability and Development Committee announcement, curtailing BTC mining amid financial risk concerns.

Some mining firms including BIT Mining have been eyeing other countries to conduct operations as the regulatory environment in China becomes seemingly less favorable. BTC maximalist and Ballet CEO Bobby Lee recently told Cointelegraph the crackdown could be an indication that the government is testing the waters for a larger crypto ban. Crypto firms may be picking up on this regulatory backlash as well — OKEx and Huobi both plan to dissolve Chinese-based business entities.

While some of the miners driven out of China may be turning to Texas for solutions, lawmakers in Kazakhstan seem to be making themselves more attractive to crypto firms by allowing local banks to open accounts for cryptocurrency transactions. Major mining firm Canaan announced last month that it had begun mining BTC in Kazakhstan. Despite this, or perhaps because of the scramble to establish new operations, the country has said it plans to impose higher taxes on miners starting in January.

Bit Mining raises $50M to take operations out of China

July 14, 2021 Coin Telegraph

Bit Mining raises M to take operations out of China

$50 million private placement

Bit Mining is looking to exit China’s market in response to the recent government crackdown on mining.

Shenzhen-based crypto mining firm, Bit Mining, is raising $50 million to fund an expansion out of the Chinese market.

Announced on July 12, the firm has entered into an agreement with select institutional and accredited investors to raise $50 million through a private placement.

Bit Mining is raising the funds in response to the Chinese Communist Party’s crackdown on crypto mining in May, noting plans to “acquire additional mining machines, build new data centers,” and expand its infrastructure overseas.

US$50 Million Private Placement! Ready for greater expansion!
— BIT Mining Limited (@BITMining_BTCM) July 13, 2021

Bit Mining is owned by NYSE-listed Chinese lottery service provider 500.com and operates the major mining pool, BTC.com.

As part of the private placement, Bit Mining will offer 100 million Class A ordinary shares at a purchase price of $5.00 per 10 shares.

Each share comes with a warrant that investors can redeem to purchase additional shares in the future. The warrants will have a set term of three years and will be exercisable six months from the date of issuance, with an exercise price of $6.81 per 10 Class A ordinary shares.

New York-based investment bank, H.C. Wainwright & Co., is acting as the sole placement agent for the offering, with the private placement expected to close on July 16.

The fallout from China’s mining crackdown has seen numerous Chinese miners eye the state of Texas for its cheap electricity. According to a June 24 article from Nikkei Asia, Bit Mining has plans to invest $26 million into building a 57-megawatt data center in the crypto-friendly state.

Cointelegraph reported on June 22 that Bit Mining successfully delivered its first batch of mining machines to Kazakhstan. The first batch included 320 mining machines with an estimated total hash rate capacity of 18.2 petahash per second (PH/s).

The firm added that a second and third batch totaling 2,600 mining machines would be delivered by July 1.

Bit Mining