By Chris Wack

BIT Mining Ltd. said it is buying 2,500 new bitcoin mining machines for a total consideration of $6.6 million.

The cryptocurrency mining company said that when deployed, it expects the new machines to increase its theoretical maximum total hash rate capacity by 165 peta hashes per second.

BIT Mining expects the new machines to be delivered within one week from Wednesday. Following delivery, the company plans for them to be shipped to Kazakhstan for deployment.

The company said it is monitoring current conditions in the market for cryptocurrency mining machines and will consider cost-efficient mining machine acquisitions on an opportunistic basis. Looking forward, the company is prepared to further expand the scale of its business and increase its theoretical maximum total hash rate capacity, in order to strengthen its position as a leading cryptocurrency mining enterprise.

BIT Mining shares were up 11% to $4.97 in premarket trading.

Write to Chris Wack at chris.wack@wsj.com

(Excerpt) Read more Here | 2021-07-28 04:23:00
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