2 years ago
Hong Kong-based cryptocurrency miner BIT Mining (BTCM) pulled the plug connected its near-$10M mining information halfway operation task successful Kazakhstan, citing unstable section powerfulness supply.
BIT Mining announced successful May a program to invest $9.33 million to conception and run a information halfway successful Kazahkstan with a full powerfulness capableness of 100 megawatts (MW). However, during its quarterly net study this morning, the institution said that woody had been terminated.
The determination won’t impact BIT Mining's bitcoin mining machines deployed successful third-party information centers successful the country, said the firm.
It’s different information constituent showing the continued trouble miners are facing successful Kazakhstan arsenic the nationalist grid relation moved archetypal to ration electricity to crypto miners, and past to cut them disconnected completely. On Dec. 2, CoinDesk reported that Bitmain-backed miner BitFuFu - pursuing weeks of powerfulness rationing successful Kazakhstan - abandoned its mining rigs determination and purchased caller ones to acceptable up successful the U.S.
BIT Mining, meanwhile, continues to ramp up information halfway concern successful the U.S., saying improvement of its Ohio mining tract is expected to beryllium completed successful the archetypal fractional of this year. The determination volition person a total planned powerfulness capacity of up to 150 megawatts.
Turning to Q4 operating results, the institution reported gross of $495.8 million, up 26% from $393.1 cardinal successful the erstwhile 3 months. Helping to boost gross were deployments of mining machines successful Hong Kong and the U.S., and stronger mining excavation concern acknowledgment to rising cryptocurrency prices.
The company’s Q3 revenues were revised little by $33 cardinal due to the fact that of a reclassification of commissions charged to mining excavation customers, Vice President Danni Zheng told CoinDesk via WeChat connected Thursday.
Shares are down 2.6% successful late-morning U.S. trading, with miner peers besides sliding alongside a 4% diminution successful the terms of bitcoin (BTC).
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Aoyon Ashraf is crypto mining newsman with much than a decennary of acquisition successful covering equity markets
Eliza Gkritsi is CoinDesk's crypto mining newsman based successful Asia.
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