Chinese Cryptocurrency companies setup Mining Operations in Kazakhstan

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China’s BIT Mining Ltd – ADR announced the delivery of the first batch of its cryptocurrency mining machines to Kazakhstan.

What Happened: Last month, BIT Mining entered into a binding investment term sheet with an unnamed Kazakhstan-based company on a cryptocurrency mining data center in the Central Asian republic.

BIT Mining plans to invest $9.33 million to jointly construct and operate the new Kazakhstan Mining Data Center, which is expected to have a total power capacity of 100MW.

BIT Mining will hold an 80% equity interest in the Kazakhstan Mining Data Center and its local partner will hold the remaining 20%.

This first batch to be delivered consisted of 320 mining machines with a theoretical maximum total hash rate capacity of 18.2 PH/s. The company expected the machines to be in operation by June 27.

A second and third batch, totaling 2,600 mining machines with a theoretical maximum total hash rate capacity of 102.3 PH/s, are expected to be delivered to Kazakhstan before July 1.

Source: https://www.benzinga.com/markets/cryptocurrency/21/06/21648337/chinese-cryptocurrency-firm-sets-up-mining-operations-in-kazakhstan