Business

BIT Mining Raises $50 Mln Via Sales Of Its 100 Mln Shares.

Chinese bitcoin miner BIT Mining has raised $50 Mln within a private placement to create new data centers overseas, purchase new equipment and expand its infrastructure.

The NYSE [New York Stock Exchange]-listed firm announced earlier on Monday that it raised the sum via the sale of 100 Mln shares and warrants to shop for another 100 Mln with accredited investors.

The funds will partially be used to expand the company’s operations overseas via the building of the latest data centers. However, BIT Mining didn’t reveal where these would be.

BIT Mining’s operations within the Chinese province of Sichuan were suspended last month as a part of the country’s crackdown on cryptocurrency mining.

The company subsequently shipped a batch of 320 machines to Kazakhstan with intentions to deliver another 2,600 prior to the beginning of July.

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