BIT Mining expands with new operations in Ethiopia

BIT Mining, a cryptocurrency mining company listed on the New York Stock Exchange, has announced moves to expand its mining operations with new acquisitions in Ethiopia.

The company revealed on December 9 that it had completed the first phase of its data center and Bitcoin acquisition project (BTC) mining equipment in Ethiopia.

In its initial announcement, BIT Mining announced plans to acquire up to $14.2 million worth of BTC data centers and mining machines. The deal will see the miner get an additional 51 megawatts in data centers as well as 17,869 Bitcoin mining machines. The first phase of the agreement is concluded, BIT wrote.

The cash and stock transaction included $2.265 million in cash and 369,031,800 shares of Class A common stock to acquire a 35 MW crypto mining data center. BIT Mining has also added 17,869 Bitcoin mining machines to its operations.

The next phase of the expansion is expected to be completed in March or April 2025 and will focus on acquiring the remaining data centers. The deal is expected to be finalized and the new data centers will be operational by the end of the first quarter or the beginning of the second quarter of 2025. If successful, the company plans to issue up to 45,278,600 BTCM shares for finance the expansion.

Earlier this month, BIT Mining announcement that it would continue to merge mine Litecoin (LTC) and Dogecoin (DOGE). The company attributed this to the huge profits it made from self-mining LTC and DOGE over the past year.

As of November 27, 2024, BIT has mined a total of 84,485.42 LTC and 227,908,250.38 DOGE.

“The recent rally in Litecoin and Dogecoin, fueled in part by the influence of Elon Musk and the changing regulatory landscape in the United States following Trump’s victory, has had a major impact on mining profitability,” he said. said Dr. Youwei Yang, Chief Economist and Vice President of BIT Mining. president of mines, said in a statement.

LTC and DOGE prices have surged 73% and 117%, respectively, over the past 30 days. Bitcoin, which recently surpassed $100,000, has gained 31% over the same period and is up 126% over the past year. Meanwhile, BTCM stock soared 29% last week.