Crypto mineworker BIT Mining deserts information center development in Kazakhstan due to unsteady control supply

  • Hong Kong-based cryptocurrency miner BIT Mining (BTCM) has terminated its nearly $10 million mining data center construction project in Kazakhstan, citing unstable local power supplies.
  • BIT Mining announced in May a plan to invest $9.33 million to build and operate a 100-megawatt (MW) data center in Kazakhstan. However, in its quarterly earnings report this morning, the company said the deal was closed.
  • The company said the move would not affect the bitcoin miners deployed by BIT Mining in third-party data centers in the country.
  • This is another data point that shows the ongoing difficulties faced by miners in Kazakhstan, as the national grid operator first distributes electricity to crypto miners and then shuts them down completely. Backed miner, had abandoned its mining rigs in Kazakhstan and bought new ones to set up in the U.S. after several weeks of power outages in Kazakhstan.
  • Meanwhile, BIT Mining continued to increase its investment in U.S. data centers and said its mine development in Ohio is expected to be completed in the first half of this year. The site’s planned total output will be up to 150 megawatts.
  • As for fourth-quarter operating results, the company reported revenue of $495.8 million, up 26% from $393.1 million in the prior three months.

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