BIT Mining Limited to Invest Over $9 Million in Mining Centre in Kazakhstan

BIT Mining Limited, the New York Stock Exchange-listed mining company, along with Kazakh partners, is investing in a cryptocurrency mining data centre in Kazakhstan.

According to a пресс-релизе, BIT Mining Limited will invest 60 million yuan (about $9.3 million) in the construction and operation of the data centre. It is expected to have a capacity of 100 MW.

BIT Mining Limited also signed equipment-servicing agreements with local companies.

From 1 July 2021, BIT Mining Limited will have access to 20 MW of the new data centre’s capacity, ultimately up to 60 MW.

BIT Mining Limited was formerly known as 500.com Limited. In January 2021 the company announced the purchase of cryptocurrency mining devices for $14.4 million, then it acquired the BTC.com mining pool and signed agreements for the purchase of additional equipment.

In March 500.com announced a name change, and in May it announced a $25.7 million investment in the construction of a cryptocurrency mining centre with a capacity of 57.2 MW in Texas.

In 2020, the Kazakh government reached preliminary agreements to attract investments of 300 billion tenge (over $700 million) in the mining sector.

According to President Kassym-Jomart Tokayev, Kazakhstan accounts for about 6% of global mining. This is corroborated by data from the Cambridge Centre for Alternative Finance.

Read more about how cryptocurrencies and their mining are regulated in Kazakhstan in ForkLog’s exclusive.

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