BIT Mining Limited raises $50 million for overseas expansion

The New York Stock Exchange-listed mining company BIT Mining Limited announced a $50 million private placement. The funds will form the company’s reserves after winding down its operations in China.

US$50 Million Private Placement! Ready for greater expansion!

— BIT Mining Limited (@BITMining_BTCM) July 13, 2021

The buyers of the shares issued in the secondary offering were institutional and accredited investors, according to The Block.

The company plans to use the raised funds for “purchasing mining equipment, building new data centres overseas and increasing working capital”.

The Shenzhen-based BIT Mining Limited was among those affected by Chinese authorities’ crackdowns.

In June, the authorities in several Chinese provinces ordered miners to halt operations. These included: Yunnan, Sichuan, Qinghai, Xinjiang and Inner Mongolia.

According to the report, BIT Mining Limited’s offline equipment consumed 400 MW.

In May, the company invested more than $9 million in building a mining centre in Kazakhstan.

In June, BIT Mining Limited reported deliveries of 320 miners to this site. It was anticipated that the second and third batches (2,600 miners) would be delivered to Kazakhstan by July 1.

Follow ForkLog news on Twitter!