BIT Mining Expansion To Ethiopia, Ready To Open Crypto Mining Facility

Bitcoin mining company expands to Ethiopia. (Photo; Doc. Bankrate)

JAKARTA - Cryptocurrency mining company BIT Mining has completed the first phase of acquisition of data centers in Ethiopia. This is part of BIT Mining's grand expansion plan in Africa.

The move reflects the company's ambition to strengthen its position in the growing crypto market, particularly in the region that is now the center of blockchain growth and digital assets.

In its announcement, BIT Mining stated that the first phase of this acquisition included purchasing a data center with a capacity of 35 megawatts, as well as 17,869 Bitcoin (BTC) mining machines.

The transaction value for this first phase reached USD 2.265 million (approximately IDR 36.24 billion), which was paid in cash, accompanied by the issuance of 369.031.800 class A shares for the seller.

This acquisition plan is not the last step for BIT Mining. The company has revealed plans to continue its expansion with the second phase scheduled for completion in March or April 2025.

In this second phase, BIT Mining plans to increase the data center capacity by 51 megawatts, thereby expanding their mining operations even further. After the second phase is complete, the company will issue 45,278,600 additional shares.

One of the main goals of this expansion is to strengthen the presence of BIT Mining in Ethiopia's fast-growing digital market. The country is now increasingly known as the center of blockchain activity in Africa, with many projects focused on digital assets and decentralized technology.

In addition, BIT Mining also continues to expand its crypto portfolio by adding to Litecoin (LTC) and Dogecoin (DOGE) mining. Last year, the company managed to mine 84,485.42 LTC and more than 227 million DOGE. The soaring prices of Litecoin and Dogecoin, which rose 73% and 117% in the last 30 days, have boosted the company's profitability.

The success of this acquisition and its expansion strategy is reflected in the 29% increase in BIT Mining's share price in the past week, signaling market optimism for the company's prospects for the global crypto industry.