BIT Mining Completes $2.26M Acquisition of Crypto Data Centers in Ethiopia
BIT Mining, a cryptocurrency mining company, is expanding operations in Africa by completing the first phase of its acquisition in Ethiopia. The company acquired a stake in a 35-megawatt operational crypto mining data center and 17,869 Bitcoin mining machines.
BIT Mining to Complete Acquisition Deal Next Year
The first phase of the acquisition is valued at $2.265 million in cash and includes 369,031,800 Class A ordinary shares issued to the sellers. This move increases BIT Mining's mining capacity and strengthens its presence in Ethiopia’s digital asset market. The second phase will add another 51 megawatts of data center capacity, expected to be completed by March or April 2025, with an additional issuance of 45,278,600 shares upon closing.
BIT Mining Adds LTC and DOGE to Its Portfolio
The new data centers will support BIT Mining's infrastructure to meet growing demand for Bitcoin and other cryptocurrencies. The facilities are designed for energy efficiency and operational optimization. BIT Mining has also ramped up mining activities for Litecoin and Dogecoin, reporting a total of 84,485.42 LTC and over 227 million DOGE mined in the past year. Recent price surges of 73% for Litecoin and 117% for Dogecoin have boosted profitability.
BIT Mining continues to enhance its market position amid a crypto rally, with a 29% increase in stock value reflecting investor confidence in its expansion strategy. The company's efforts align with broader changes in the global crypto mining industry, as companies seek competitive advantages through efficient technologies and resource acquisition.