Ohio to host BIT Mining’s new 85 MW Bitcoin mining facility
BIT Mining Limited has signed a joint venture agreement with Viking Data Centers to develop a Bitcoin mining site in Ohio.
Bitcoin (BTC) mining company BIT Mining plans to invest $ 12.14 million to develop an 85 megawatt crypto mining center in Ohio.
As the company that owns the entire mining pool business operated under BTC.com, BIT Mining entered into a joint venture agreement with Viking Data Centers to establish the Bitcoin mining facility.
As part of the joint venture agreement, BIT Mining will pay $ 10.84 million in cash to Viking Data and the remainder will be settled in cash or company shares.
Following its investment in Viking Data and the subsequent joint venture agreement, BIT Mining will own 51% of the Bitcoin mining facility in Ohio.
Dubbed the “Ohio Mining Site,” the planned 85-megawatt Bitcoin mining facility will unfold in three phases.
In the first stage of the facility development, the capacity will reach 11 megawatts by October 15, 2021, while the second and third phases will have historical capacities of 39 and 35 megawatts, respectively.
The schedule for the second and third phases, according to the announcement, is November 15, 2021 and February 15, 2022.
Wednesday’s announcement also indicated that BIT Mining has already secured 1,016 Bitcoin mining machines with plans for further inventory expansion.
The Ohio mining site is one of many Bitcoin mining facilities to go live in the United States amid a constant migration of hash power to North American locations.
Following China’s crackdown on crypto mining in the summer, miners have been forced to move their equipment abroad.
Mining establishments in North America have seized the opportunity to expand their market share, and major companies have purchased additional rigs for their facilities.
This inventory expansion has also led to significant revenue growth, as Riot Blockchain reported a 1,540% increase in quarterly revenue in August.
The Ohio Mining site is also part of BIT Mining’s business expansion, and the company also operates in Kazakhstan, as Cointelegraph previously reported.
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