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Saturday, July 2, 2022

BIT Mining [NYSE: BTCM] Ink Purchase Agreement to Buy Bitcoin Mining Machine

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BIT Mining Limited [NYSE: BTCM] has inked a purchase agreement to increase the fleet of bitcoin mining machines. As per the new purchase agreement, the firm will buy 2,500 new bitcoin mining machines. The firm has spent $6.6 million to acquire a bitcoin mining machine. The firm has decided to buy new machines to increase the has rate capacity.

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BIT Mining is anticipating increasing the total hash rate capacity by nearly 165 Peta hashes per second (PH/s). As of today, the firm will receive the Machines within two weeks. Moreover, the firm is planning for the machine to be dispatched to Kazakhstan for operation.

Furthermore, in addition to increasing its bitcoin mining machine fleet, the firm has persisted to move ahead with its foreign development strategy. The recent foreign development strategy of the firm includes the 3,819 bitcoin mining machines. The 3,819 machines have a total hash rate capacity of 172 PH/s. These have been arranged at data centers in Kazakhstan.

Moreover, a further 4,033 bitcoin mining machines with a total hash rate capacity of 121 PH/s have been transported to data centers in Kazakhstan. Those 4,033 bitcoin mining machines are nearing deployment. Additionally, the firm started Ethereum mining operations outside of mainland China with a hash rate capacity of 86.4 Giga hashes per second (GH/s) installed

In addition to this, an extra hash rate capacity of 4,713.6 GH/s is anticipated to be installed by the end of October 2021. Moreover, BIT Mining is closely evaluating current conditions in the market for cryptocurrency mining machines. It will ponder cost-efficient mining machine purchases on an opportunistic basis.

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