BIT Mining Raises $50M in Private Placement to Expand Overseas

BIT Mining's operations in China's Sichuan province were suspended last month as part of the country's crackdown on crypto.

Jul 13, 2021 at 10:47 a.m. UTC
Updated Sep 14, 2021 at 1:24 p.m. UTC

Chinese bitcoin miner BIT Mining has raised $50 million in a private placement to build new data centers overseas, buy new equipment and expand its infrastructure.

  • The New York Stock Exchange-listed firm announced Monday it raised the sum through the sale of 100 million shares and warrants to buy another 100 million with accredited investors.
  • The funds will be used, in part, to expand the company's operations overseas through the building of new data centers. BIT Mining did not say where these would be.
  • BIT Mining's operations in the Chinese province of Sichuan were suspended last month as part of the country's crackdown on crypto mining.
  • The company subsequently shipped a batch of 320 machines to Kazakhstan with intentions to deliver another 2,600 before the start of July.
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