Bit Mining Raises $50M to Expand out of China

Bit Mining Raises $50M to Expand out of China

Bit Mining wants to leave the Chinese market as a result of the country’s decision to stop all bitcoin mining farms.

Bit Mining, which operated mainly from Shenzhen, looks forward to getting $50 million so that it can leave the Chinese market.

The plan was revealed on July 12. For this course, Bit Mining has met with some capable investors to help it raise the said amount.

Apart from just leaving the Chinese market, Bit Mining hopes to  start strong as well in wherever it will be going to so part of the money will be used to get more mining machines.

Bit Mining belongs to, whose effort in the mining pool,, has been incomparable.

One of the ways it will make money is by selling shares. 100 million Class A ordinary shares will be sold at the rate of $5 for every 10 shares.

By buying one share, the investor has the warrant to buy more in the future. The warrant lasts for three years and can be used after 6 months from the date of purchase. With the warrant, one can buy more shares at the rate of $6.81 for ten ordinary shares of the Class A type.

At the moment, H.C. Wainwright & Co. have been chosen to assist the fund managers in selling the shares to private investors. The bank is expected to conclude the task on July 16.

As China announced a ban on crypto miners, many of them sought for ways to settle in Texas since electricity is cheap there. According to what Nikkei Asia released on June 24, Bit Mining is one of those eyeing Texas and has earmarked $26 million to create a data center that can carry up to 57 megawatts of electricity.

Last month, Bit Mining started shipping some machines to Kazakhstan. On ground already are 320 mining machines that can mine at the rate of 18.2 petahash per second. Bit Mining said then that an extra 2,600 mining machines would be received in two or three other shipments.


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