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BIT Mining Completes Second Phase of Acquisition in Ethiopia
The BIT Mining acquisition Ethiopia effort has reached completion, and it has added 51 MW of high-efficiency data centre infrastructure. The second-phase equity deal helps BIT Mining grow in the region and fits with its larger plan to move into Solana-based crypto operations.
On December 3, 2024, the Company entered into a definitive agreement to acquire cryptocurrency mining data centers in Ethiopia. Following the successful completion of the first phase of the acquisition on December 9, 2024, the Company issued an additional 45,278,600 Class A ordinary shares today in exchange for the remaining data centers, along with corresponding deployment of Bitcoin mining machines. Upon completion of the second phase of the acquisition, the total power capacity of the data centers amounted to 51 megawatts.
“While we continue to make progress in our crypto mining operations, we have strategically shifted our focus to actively explore opportunities within the Solana ecosystem,” remarked Mr. Xianfeng Yang, CEO of BIT Mining, “This move reflects our commitment to capturing broader market potential and aligning with emerging trends that can drive long-term value and growth for the Company.”
This BIT Mining acquisition in Ethiopia marks a pivotal step in the company’s global diversification strategy, reinforcing its commitment to scalable, energy-efficient operations across emerging markets.
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