NFT

Bit Mining Inks Agreement With Local Firms In Kazakhstan to Establish Mining Farm

A prominent Chinese mining company, Bit Mining, has revealed its plans to establish a crypto tokens mining facility in partnership with two local firms in Kazakhstan.

With more than 80 percent of the equity in the new mining facility in the Asian country, the Chinese firm remains the major stakeholder. In comparison, its local partners will have the remaining 20 percent.

Although the new mining farm is expected to launch with nearly 20 MegaWatt of energy, when it’s complete and running at its full capacity, the number is likely to hit 100 MW. As per the details made public by Bit Mining, the company plans to pump as much as nine million dollars to boost the ambitious project.

In a statement, the company also revealed that it has inked service agreements with two local firms for the critical equipment, one of which is its partner responsible for operations in Kazakhstan and another local firm.

The agreement, which will come in force on the first of July, is likely to pave the way for a flurry of on-site services, including maintenance, network support, and service monitoring.

Over the last few months, the Chinese company previously known as 500.com has pushed ahead with its rapid expansion plan. Its operations now include data center operations, mining pools, and virtual tokens mining.

With a total capacity of more than 435 MW, it runs as many as three hydroelectric data centers. Besides that, before its rebranding this year, the company also acquired a prominent mining firm Btc.com, including its digital asset’s wallet and domain name.

In addition to that, Bit Mining also signed an agreement with a famous hardware producer Bee Computers, in a bid to cement its position in the competitive market and complete the vertical integration with the supply chain.

As Beijing continues to ramp up its crackdown on miners, Bit Mining is turning its attention overseas. The firm recently announced its plans to establish a mining facility in the American state of Texas – the new mining hotspot in North America for its low energy costs.

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