HONG KONG, Sept. 22, 2021 /PRNewswire/ -- BTCmining Limited a leading cryptocurrency mining enterprise, today announced that it has entered into a Membership Interest Purchase Agreement and certain other auxiliary agreements (the "Agreements") with Viking Data Centers, LLC ("Viking Data Centers") to jointly invest in the development of a cryptocurrency mining data center space in Ohio (the "Ohio Mining Site") with access to power capacity of up to 85 megawatts ("MW"). Development of the Ohio Mining Site is currently expected to be fully completed in February 2022.

 

Pursuant to the Agreements, the Company will invest a total of US$12.14 million in the Ohio Mining Site, which will be jointly developed and operated through a joint venture (the "JV") with Viking Data Centers. Of the US$12.14 million consideration, US$10.84 million will be paid in cash and the remaining US$1.3 million payable to Viking Data Centers will be settled either in cash, or in the form of Class A ordinary shares, par value US$0.00005 per share of the Company, at the Company's discretion. Upon execution of the Agreements, the Company will hold a 51% equity interest in the Ohio Mining Site, and Viking Data Centers will hold the remaining 49%. The Ohio Mining Site will be developed in three phases, with 11MW in the first phase, 39MW in the second and the remaining 35MW in the third. The first, second and third phases are currently expected to be completed by October 15, 2021, November 15, 2021 and February 15, 2022, respectively.

 

As part of its growth strategy, BTCmining has been executing a robust plan to invest in, acquire and develop high-quality mining resources around the world. The Company has shipped 1,016 mining machines to the United States as of the date of this press release. Going forward, the Company plans to further strengthen its expansion efforts and accelerate its global development.

 

The transactions contemplated under the Agreements are subject to customary closing conditions.

 

About BTCmining

 

BTCmining is a leading technology-driven cryptocurrency mining company with a long-term strategy to create value in the cryptocurrency industry. Its business covers cryptocurrency mining, mining pools, and data center operations. The company owns the blockchain browser BTC.com and the comprehensive mining pool business operated by BTC.com, providing multi-currency mining services including BTC, BCH, ETH, and LTC. The company also signed a final agreement to acquire 7-nanometer cryptocurrency mining machine manufacturer BeeComputing to complete the company's vertical integration with its supply chain, increase self-sufficiency and enhance competitive position.

 

forward-looking statements

 

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expect," "anticipate," "future," "intend," "plan," "believe," "estimate," "target," "go forward." ”, “outlook” and similar statements. Such statements are based on management's current expectations and current market and operating conditions and involve events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the company's control scope, which could cause the Company's actual results, performance or achievements to differ materially from those contained in the forward-looking statements. Important factors that could cause BTCmining's actual results to differ materially from those indicated in the forward-looking statements include: the development and operation of BTC.com, and the execution of BTCmining's growth strategy and anticipated benefits. Additional information regarding these and other risks, uncertainties or factors is included in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.