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.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.
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.
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.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.