BIT Mining Limited, a leading cryptocurrency mining enterprise, announced that it has entered into a binding investment term sheet (the “Term Sheet”) with a Kazakhstan-based company (“Local Partner”) to jointly invest in a cryptocurrency mining data center in Kazakhstan (the “Kazakhstan Mining Data Center”).
Pursuant to the Term Sheet, the Company will invest a total amount of RMB60 million (US$9.33 million) to jointly construct and operate the Kazakhstan Mining Data Center. Once constructed, the total power capacity of the Kazakhstan Mining Data Center is expected to be 100MW. The Company will hold an 80% equity interest in the Kazakhstan Mining Data Center, with the Local Partner holding 20%.
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Today the Company also announced that it has entered into two service agreements for its mining machines (“Service Agreements”), one with the Local Partner and one with another Kazakhstan-based company (collectively, the “Operation Managers”).
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Pursuant to the Service Agreements, the Operation Managers will provide the Company with a comprehensive data center service package in Kazakhstan, including on-site machine hosting, broadband network support, security monitoring, server management and support, as well as assisting the Company with maintenance.
With the two Service Agreements entered into today, BIT Mining expects that its total power capacity devoted to cryptocurrency mining in Kazakhstan could eventually reach as high as 60MW. The Company will have access to total power capacity of 20MW under the Service Agreements starting from July 1, 2021.
