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.

AccessTimeIconJul 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.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.