BIT Raises $50 Million To Help Bitcoin Mining Expansion Out Of China
BIT Mining announced a raise of around $50 million for the company to expand and move its operations out of China.BIT Mining, a bitcoin mining company and owner of the BTC.com mining pool, has announced that it has reached securities purchase agreements with select investors to raise $50 million in a private placement.Under the terms of the placement, which will not involve a public offering and is expected to close around July 16, 2021, BIT Mining will issue 100 million Class A ordinary shares at a purchase price of $5 per ten shares.Already included in the price is one warrant per share,....
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Bit Mining is looking to exit China’s market in response to the recent government crackdown on mining. Shenzhen-based crypto mining firm, Bit Mining, is raising $50 million to fund an expansion out of the Chinese market.Announced on July 12, the firm has entered into an agreement with select institutional and accredited investors to raise $50 million through a private placement. Bit Mining is raising the funds in response to the Chinese Communist Party’s crackdown on crypto mining in May, noting plans to “acquire additional mining machines, build new data centers,” and expand its....
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