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Investing.com -- BIT Mining Limited (NYSE:BTCM) stock surged 30% after the cryptocurrency asset company announced it had completed the second phase of its acquisition of crypto mining data centers and Bitcoin mining machines in Ethiopia.
The company issued 45,278,600 Class A ordinary shares in exchange for the remaining data centers and corresponding deployment of Bitcoin mining machines. With the completion of this second phase, the total power capacity of the data centers now amounts to 51 megawatts.
BIT Mining had entered into the definitive agreement to acquire the cryptocurrency mining data centers on December 3, 2024, and completed the first phase of the acquisition on December 9, 2024.
CEO Xianfeng Yang noted that while the company continues to make progress in its crypto mining operations, it has "strategically shifted our focus to actively explore opportunities within the Solana ecosystem." Yang added that this move reflects the company’s commitment to capturing broader market potential and aligning with emerging trends.
The acquisition represents a significant expansion of BIT Mining’s operational capacity in the cryptocurrency mining sector, particularly in the African market where energy costs can be competitive for mining operations.
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