BIT Mining Limited (NYSE:BTCM) saw its stock skyrocket by 30% following the announcement that it has finalized the second phase of its acquisition involving crypto mining infrastructure and equipment in Ethiopia.
As part of this phase, the company issued 45,278,600 Class A ordinary shares to acquire the remaining crypto mining data centers and deploy additional Bitcoin mining machines. With this milestone completed, BIT Mining’s total data center capacity in the region now stands at 51 megawatts.
The company first entered into a definitive agreement for the acquisition on December 3, 2024, and completed the initial phase just six days later, on December 9.
Commenting on the company’s evolving strategy, CEO Xianfeng Yang said that while they continue to grow their mining operations, BIT Mining has “strategically shifted our focus to actively explore opportunities within the Solana ecosystem.” He emphasized that the decision underscores a broader commitment to align with “emerging trends” and tap into new market opportunities.
This acquisition marks a notable expansion of BIT Mining’s global mining footprint, particularly in Africa, where competitive energy costs make the region increasingly attractive for large-scale crypto mining.
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