Bit Mining is planning on expanding its operations in Central Asia and it has bought around 2,500 crypto mining machines that are scheduled for deployment in Kazakhstan. The Chinese company will be able to take advantage of the new devices for increasing its total hashrate capacity and it will go up by an approximate 165 petahashes per second. On Wednesday, Bit Mining Ltd., which is based in Shenzhen, announced that it had entered into a purchase agreement for acquiring 2,500 new bitcoin mining machines. The price tag of this new deal is around $6.6 million, as per the details provided by the crypto mining firm in a press release.
The delivery of the mining machines is scheduled for next week, after which the company has plans of shipping these coin minting rigs to Central Asian country, Kazakhstan. Once these mining devices are deployed, they will boost the theoretical maximum hash rate capacity of the company by nearly 165 PH/s, as mentioned above. Bit Mining also added that it was monitoring the market constantly for additional crypto mining hardware and would consider making acquisitions that are ‘cost-efficient’ on an opportunistic basis. The company stated that they were ready to expand the scale of its business in the future and boost its total hash rate capacity for strengthening its position as a top crypto mining enterprise.
It was further noted by the crypto firm that its decision to expand its bitcoin mining machine arsenal goes hand in hand with the overseas development strategy it has implemented and it is mostly focused on Central Asia. A total of 3,819 rigs have already been installed by Bit Mining in data centers in Kazakhstan and they provide a total hash rate capacity of 172 PH/s. They have also shipped a total of 4,033 rigs to the country that boast a hash rate capacity of 121 PH/s and they are currently ready for deployment.
According to the announcement, the company has also initiated Ethereum mining operations having a hash rate of 86.4 gigahashes per second (GH/s) outside of mainland China. Bit Mining also added that they had plans of deploying an additional hash rate capacity by the end of October this year of about 4,713.6 GH/s. The Chinese company disclosed their plans in May that pertained to building and operating a crypto mining data center in the Central Asian country of Kazakhstan of about 100MW. They would implement this project in collaboration with two local firms.
The People’s Republic of China saw a regulatory crackdown against the bitcoin mining industry in June and this pushed Bit Mining to move around 3,000 bitcoin mining machines from the region, over to Kazakhstan. As the Chinese government is placing bans on crypto mining in the country due to power concerns, miners have been forced to consider alternatives. Kazakhstan has turned out to be a great potential destination because low-cost electricity is readily available and this has attracted the attention of many crypto mining companies looking for options.