BIT Mining Funds Relocation With $50M Stock Offering

BIT Mining Funds Relocation With $50M Stock Offering

THELOGICALINDIAN - The Chinese mining aggregation will use the funds to aggrandize overseas

Chinese Bitcoin mining aggregation BIT Mining has aloft $50 actor through a clandestine adjustment of Class A shares, the aggregation appear Monday. 

BIT Mining Looks to Relocate

Chinese mining companies are adopting funds to relocate.

NYSE-listed aggregation BIT Mining has appear it has entered into acquirement agreements with investors for $50 actor account of Class A shares, with warrants to acquirement an added 100 actor shares in the future. 

In a press release, the aggregation declared that it would use the adjustment gain to access added mining machines, body new abstracts centers overseas, aggrandize its infrastructure, and advance its alive basic position.

Last month, BIT Mining was hit adamantine by regulatory crackdowns in China back bounded authorities told Bitcoin miners to cease operations. In response, the aggregation started moving mining machines to Kazakhstan, with the aboriginal accumulation abrogation Jun. 21. Along with Kazakhstan, abounding U.S states are additionally alluring displaced Chinese miners. Texas has become a accepted best due to its deregulated ability grid, and Kentucky is alms tax exemptions for ambitious miners. 

Following China’s mining crackdown, the Bitcoin arrangement hashrate decreased substantially, falling added than 50% over the aftermost two months. When the arrangement hashrate drops, the Bitcoin algorithm is programmed to self-adjust the adversity of mining new coins. With Bitcoin mining experiencing its better adversity bead in history afterward China’s shutdown, the chase is on for miners to booty advantage of the decreased adversity by relocating their hardware. 

BIT Mining is one of the better Bitcoin mining companies globally. The aggregation owns Bitcoin mining machines with a abstract best hashrate of over 1,000 petahashes per additional (PH/s). With a beginning $50 actor banknote injection, the aggregation is positioned to body aback bigger alfresco China. 

Disclaimer: At the time of autograph this feature, the columnist captivated BTC and ETH.