Shenzhen-based Bit Mining recently entered into a binding investment deal with a Kazakhstani entity with the aim to establish a new crypto mining facility in the Central Asian nation.
The total investment for the planned 100-megawatt mining center will be more than $9 million, with the Chinese company getting 80% in equity interest and its local partner receiving the remaining 20%.
Upon its launch, the bitcoin farm will operate at a capacity of 20 MW and upon being fully operational it is expected to reach a total capacity of 100 MW.
Additional services up ahead
Bit Mining also now has two service agreements for its mining equipment, one of which is with its main partner and the other with a different local company in Kazakhstan.
Through these partnerships, set to take effect on July 1, 2021, an additional range of vital services such as on-site device hosting, broadband network support, security monitoring, server management and maintenance will be provided.
Since early this year, the Chinese company formerly known as 500.com has been in a state of rapid expansion in the crypto mining industry, with its activities now ranging from cryptocurrency mining to mining pool and data center operations.
Flexing its mining power
As of today, Bit Mining has already deployed bitcoin mining devices carrying a maximum hash rate capacity of around 1,031.5 Petahashes per second and is already a proud owner of three hydroelectric data centers boasting a total power capacity of 435 MW.
The company also now owns the entire mining pool business that operates under Btc.com after acquiring the company last April prior to its rebranding. The purchase came with the rights to the company’s domain name and the platform’s cryptocurrency wallet.
This month, Bit Mining also announced a project aimed at erecting a new cryptocurrency mining data center in Texas through a binding agreement with Bitdeer subsidiary Dory Creek, making an investment worth $25 million.
Image courtesy of Cointelegraph News/YouTube
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