CryptoNewsBreaks – BIT Mining Limited (NYSE: BTCM) Announces Closing of US$16M Registered Direct Offering, to Improve Efficiency at Ohio Mining Site

Jun 30, 2022

BIT Mining (NYSE: BTCM), a leading technology-driven cryptocurrency mining company, today announced the closing of its registered direct offering with certain institutional investors. The registered direct offering consisted of the purchase and sale of 16,000,000 of the company’s American Depositary Shares (“ADSs”) (or pre-funded warrant to purchase certain ADSs (“ADS Equivalent”) in lieu thereof), Series A Warrants to purchase up to an aggregate of 16,000,000 ADSs and Series B Warrants to purchase up to an aggregate of 16,000,000 ADSs, at a combined purchase price of US$1.00 per ADS (or ADS Equivalent) and associated warrants. Each ADS represents ten Class A ordinary shares, par value US$0.00005 per share, of BIT Mining. H.C. Wainwright & Co. LLC acted as the exclusive placement agent for the offering.

In addition, the company announced the completion of a spin-off with Viking Data Centers LLC in developing and operating the Ohio cryptocurrency mining data center (the “Ohio Mining Site”). The company had been jointly developing the Ohio Mining Site with Viking Data Centers through its affiliate for a total planned power capacity of 150 megawatts (“MW”). After completion of the spin-off, the company, through its affiliate, has exclusive access to 82.5MW of planned electrical power and Viking Data Centers has exclusive access to the remaining 67.5MW, in accordance to their respective equity ownership immediately prior to the spin-off.

“We will continue to devote our resources to the Ohio Mining Site in light of better cost control and operational efficiency improvement,” said Xianfeng Yang, CEO of the company. “While the cooperation with Viking Data Centers has helped with our initial entrance into the North American market, we believe that carving out the Ohio Mining Site business will further enhance our overall operational efficiency as we expand our business. Going forward, we are considering collaborations with Viking Data Centers on other projects. We will continue to execute on our plan, investing in technology, innovation and high-quality mining resources worldwide, while building a strong foundation across the cryptocurrency ecosystem.”

To view the full press releases, visit https://ccw.fm/M5YDr and https://ccw.fm/I6fhO

About BIT Mining Limited

BIT Mining is a leading technology-driven cryptocurrency mining company with a long-term strategy to create value across the cryptocurrency industry. Its business covers cryptocurrency mining, mining pool, and data center operation. The company owns the world’s top blockchain browser BTC.com and the comprehensive mining pool business operated under BTC.com, providing multi-currency mining services including BTC, ETH and LTC. The company also owns a 7-nanometer cryptocurrency mining machine manufacturer, Bee Computing, completing the company’s vertical integration with its supply chain, increasing its self-sufficiency and strengthening its competitive position. For more information about the company, visit www.BTCM.Group.

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