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BIT Mining now expanding its in Kazakhstan

BIT Mining is purchasing 2,500 new mining machines that will be shipped to Kazakhstan for about $6.6 million
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BIT Mining is purchasing 2,500 new mining machines that will be shipped to Kazakhstan for about $6.6 million.

As China’s government was shutting down mining facilities throughout its territory, many crypto mining companies moved their equipment out of the country. Kazakhstan has been the main location chosen by the majority of these firms to relocate their activity. BIT Mining is one of them.

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The equipment (“the Acquired Machines”) is expected to be delivered during this week and then to be sent to Kazakhstan. The company will be able to expand the mining hash rate up to 165 PH/s. But this is not the first fleet of Bitcoin mining machines that BIT Mining has located in the Asian country.

The firm transferred its first load, which consisted of 320 machines with a hypothetical maximum total hash rate capacity of 18.2 PH/s in June. BIT mining announced at the time that it was preparing to deliver another 2,600 devices with a maximum total hash rate capacity of 102.3 PH/s later.

“We have been strategically expanding our operations overseas as part of our growth strategy. Following our investments in cryptocurrency mining data centers in Texas and Kazakhstan, we are accelerating our overseas development for alternative high-quality mining resources.”

“We believe our vision and early-mover advantage will enable us to be agile in responding to the globally evolving regulatory environment, which will ultimately contribute to our long-term growth,” Mr. Xianfeng Yang, CEO of BIT Mining also added.

On July 2, the president of Kazakhstan Kassym-Jomart Tokayev passed a new bill that requires crypto miners to pay an additional energy fee. He introduced an additional fee of 1 Kazakhstan tenge ($0.00233) per kilowatt-hour utilized by virtual currency miners. The law that followed all the companies’ relocations to the country will take effect in January 2022.

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