BIT Mining Raises $50M to Expand Infrastructure
Main page News, China, Mining

BIT Mining, a public cryptocurrency mining company, has raised $50 million in a private placement. The company said in a press release, it will use the capital to buy more mining rigs, build new data centers overseas, and expand the infrastructure.

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As part of the agreement, BIT Mining will issue 100,000,000 Class A ordinary shares, at a purchase price of $5.00 per ten Class A ordinary shares. The company highlighted it entered into the agreement with institutional and accredited investors.

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BIT Mining decided to raise investments after China intensified its battle against cryptocurrency miners. Earlier in May, Chinese Vice Premier, Liu He, called for more regulation on the cryptocurrency mining market in order to protect the financial system.

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