BIT Mining to buy 51-megawatt crypto mining data centers in Ethiopia for $14.28M

BIT Mining (BTCM) announced that it has entered into a definitive agreement to acquire 51-megawatt crypto mining data centers in Ethiopia and 17,869 high-quality Bitcoin mining machines. Under the agreement, the company will indirectly acquire the Data Centers and BTC Mining Machines for a total consideration of $14.28M. The consideration comprises a cash payment of $2.27B and the issuance of Class A ordinary shares of the company with a par value of $0.00005 per share, amounting to an aggregate value of $12.02M. 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.