Shenzhen-based Bit Mining plans to build and operate a 100 MW encrypted mining data center in Kazakhstan. The project will be implemented in cooperation with two local companies, providing a series of services to the company, with a total investment of more than 9 million U.S. dollars.
Kazakhstan will host a new 100 MW crypto mining facility
Bit Mining announced this week that it had signed a binding investment terms list with a Kazakhstan entity. The two companies will cooperate to build a new crypto mining facility in the Central Asian Republic. Bit Mining will own 80% of Kazakhstan’s new mining data center, and its local partners will hold the remaining 20%.
The Bitcoin mine will start up with 20 M.W., and the total capacity is expected to reach 100 MW after the whole operation. Bit Mining said it would invest 60 million yuan (approximately US$9.33 million) in the joint venture project.
CNPC also signed two service agreements for its mining equipment, one of which was signed with a significant partner, and the other was signed with another company in Kazakhstan. They will provide a series of required services, including on-site equipment hosting, broadband network support, security monitoring, server management, and maintenance. The agreement will take effect on July 1, 2021.
Bit Mining expands the global mining business.
Bit Mining, formerly known as 500.com, has been rapidly expanding in the cryptocurrency mining industry since earlier this year. Its activities now cover cryptocurrency mining, mining pools, and data center operations. Bit Mining currently has deployed Bitcoin mining equipment with a maximum hash rate capacity of approximately 1031.5 PH/s. It has three hydropower data centers with a total power generation capacity of 435 megawatts.
In April of this year, before the name change, the company acquired mining company Btc.com. It currently owns the entire mining pool business operated by Btc.com, including domain names and platform cryptocurrency wallets.