BIT Mining completes first phase of acquisitions in Ethiopia

BIT Mining (BTCM) Limited announced that it has completed the first phase of previously-announced acquisition of crypto mining data centers and Bitcoin mining machines in Ethiopia. To complete the first phase of the acquisition, the company has made a cash payment of $2.265M and issued an aggregate number of 369,031,800 Class A ordinary shares to the sellers in exchange for a 35-megawatt operational and electrified crypto mining data center and 17,869 BTC mining machines. The second phase of the acquisition, which involves transfer of the remaining data centers to the company, will close upon completion of construction of the remaining data centers, which is expected to occur in March or April 2025. Upon closing of the second phase, the company will issue an additional 45,278,600 Class A ordinary shares as consideration.