BIT Mining Limited (NYSE:BTCM) has entered into a definitive agreement acquire Ethiopian Mining Data Centers and Mining Machines for $14.3 million on December 3, 2024. The consideration comprises a cash payment of $2.265 million and the issuance of Class A ordinary shares of the Company with a par value of $0.00005 million per share, amounting to an aggregate value of $12.015 million. The transaction will be executed in two phases.
Upon completion of the first phase, a 35-megawatt operational and electrified crypto mining data center and all the BTC Mining Machines will be transferred to the Company. The first phase is expected to close in the next few days. The second phase, which involves transfer of the remaining Data Centers to the Company, is expected to close upon completion of construction of the remaining Data Centers.
On December 9, 2024, BIT Mining Limited (NYSE:BTCM) announced that it has completed the first phase of Ethiopian Mining Data Centers and Mining Machines. As part of first phase acquisition cash payment of US$2.265 million and issued an aggregate number of 369,031,800 Class A ordinary shares. Upon closing of the second phase, the Company will issue an additional 45,278,600 Class A ordinary shares as consideration.
The transaction expected to occur in March or April 2025.
