BIT Mining Raises $50M in Private Placement to Expand Overseas

Chinese bitcoin miner BIT Mining has raised $50 million in a private placement to build new data centers overseas, buy new equipment and expand its infrastructure.

  • The New York Stock Exchange-listed firm announced Monday it raised the sum through the sale of 100 million shares and warrants to buy another 100 million with accredited investors.
  • The funds will be used, in part, to expand the company’s operations overseas through the building of new data centers. BIT Mining did not say where these would be.
  • BIT Mining’s operations in the Chinese province of Sichuan were suspended last month as part of the country’s crackdown on crypto mining.
  • The company subsequently shipped a batch of 320 machines to Kazakhstan with intentions to deliver another 2,600 before the start of July.
Read more: China’s Bitcoin Mining Crackdown Is a Boon for Miners Elsewhere