BIT Mining Limited (NYSE: BTCM) (“BIT Mining” or the “Company”), a leading technology-driven cryptocurrency mining company, today announced its progress in the construction and buildout of its Ohio mining site in North America. In collaboration with its partner, the Company has achieved approximately 50 megawatts (“MW”) of power capacity at the Ohio mining site.

As announced in October 2021, BIT Mining is constructing a data center in Ohio (“Ohio Mining Site”), with a total planned power capacity of up to 150MW. As the data center’s power capacity continues to scale, the Company is not only conducting self-mining operations, but is also hosting third-party miners.

BIT Mining CEO, Xianfeng Yan, said,

We are continuing to expand our Ohio Mining Site, even though there is still a shortage of equipment. This milestone of 50MW marks the start, but it is just the first. Our goals include expanding our reach and forming strong industry relationships. We are also working to create a tech-driven, diversified company that can generate revenue through the crypto value chain, as we grow our computing capabilities.
Further operational updates were also made public by the Company, which announced that as of today they have:

– 532.8 PH/s theoretical maximum computing power in North America, of which 344.7 PH/s has been deployed. More machines can be deployed and tested.

– 292.7 PH/s theoretical maximum Bitcoin computing power in Kazakhstan,of which 146.8 PH/s has been deployed. More machines are being tested and ready to deploy.

– 4,800.0 GH/s theoretical maximum computing power in Hong Kong,of which 4,747.2 GH/s has been deployed. More machines are being tested and ready to deploy.

– Approximately 491.5 PH/s Bitcoin computing power in aggregate with estimated daily production of approximately 2.56 BTC.

– Approximately 4,747.2 GH/s Ethereum computing power in aggregate with estimated daily production of approximately 72.29 ETH.

Mr. Yang concluded,

We continue to implement our strategy. Our aggressive plans to scale through 2022 are part of our strategic plan. Our success has depended on our ability to find the best mining machinery and to get the latest technology. We believe that our continued diversification and incorporation of new ventures will position us well to deliver value for all stakeholders.

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