Bitcoin mining company BIT Mining Limited has formed a joint venture with Viking Data Centres to establish a Bitcoin mining facility in the state of Ohio.
BIT Mining, a bitcoin (BTC) mining business, aims to invest $12.14 million in the development of an 85 megawatt cryptocurrency mining facility in Ohio.
BTC.com is owned by BIT Mining, which established a joint venture agreement with Viking Data Centers to build the Bitcoin mining facility. BIT Mining is the firm that owns the whole mining pool operation operated under the BTC.com brand.
To fulfill its obligations under the joint venture agreement, BIT Mining will pay Viking Data $10.84 million in cash, with the remaining balance to be paid in cash or company stock.
Following its investment in Viking Data and the accompanying joint venture agreement, BIT Mining will acquire a 51 percent stake in the Bitcoin mining facility in Ohio, according to the company.
The proposed 85MW Bitcoin mining complex, which has been dubbed the “Ohio Mining Site,” will purportedly be built in three parts over the course of three years.
The capacity of the facility will reach 11MW by October 15, 2021, with the second and third phases having milestone capacities of 39 and 35MW, respectively, by the end of the first stage of the facility’s development.
According to the release, the second and third phases will be completed on November 15, 2021, and February 15, 2022, respectively.
In addition, according to the company’s release on Wednesday, BIT Mining has already secured 1,016 Bitcoin mining computers, with intentions to increase its inventory in the future.
It is one of many Bitcoin mining facilities set to go operational in the United States as a result of the gradual migration of hash power to North American regions. The Ohio Mining Site is one of many such facilities.
Miners have been compelled to relocate their equipment offshore as a result of China’s crypto mining crackdown, which began in the summer.
Several big mining corporations in North America have taken advantage of the opportunity to increase their share of the market, with major companies purchasing more drilling rigs for their operations.
Riot Blockchain reported a 1,540 percent rise in quarterly revenue back in August, demonstrating how this inventory expansion has resulted in considerable revenue growth for the company.
In addition, the BIT Mining Ohio Mining Site is part of the company’s commercial expansion, with the company also having operations in Kazakhstan, as previously reported by Cointelegraph.