BIT Mining Announces First Clo


HONG KONG, May 31, 2022 / PRNewswire / – BIT Mining Limited (NYSE: BTCM) (“BIT Mining” or “Company”), a leading technology-driven cryptocurrency mining company, announced today that it has successfully completed the first closure of its trading agreement of previously announced shares. dated April 5, 2021 (modified and reformulated in April 2022, the “Amended and Reformulated Share Exchange Agreement”) entered into by the Company and the shareholders (the “Selling Shareholders”) of Bee Computing (HK) Limited (“Bee Computing”). In the first closing of the Modified and Reformulated Share Change Agreement, the Company today issued 16,038,930 of its Class A common shares to the Selling Shareholders. The first closure occurred after the satisfaction or waiver of certain required closing conditions, including, but not limited to, the conclusion by Bee Computing of certain reorganization steps and other usual conditions.

Pursuant to the Amended and Reformulated Share Exchange Agreement, the Company will issue (i) up to 18,330,210 of its Class A common shares to the selling shareholders and (ii) up to 4,582,560 of its Class A common shares to certain equipment. research and development. members, provided that the following milestones are met:

  • Development and mass production of a new generation of Bitcoin mining machines incorporating specific integrated circuits for 7 nanometer (“ASIC”) applications;
  • Successful development of high-performance Ethereum ASIC mining machines and mass production, with certain goals of power consumption and cost control; e
  • Successful development of high performance LTC ASIC mining machines and mass production.

Bee Computing was established in 2018 and specializes in the development and manufacture of cryptocurrency mining chips and mining machines for different cryptocurrencies, including BTC, ETH and LTC. Bee Computing has successfully produced more than 15,000 units of supercomputing mining machines, equipped with 7-nanometer E2P chips. Bee Computing is currently in the process of developing three types of mining machines, including a new generation of Bitcoin mining machines, ETC and LTC mining chips, and mining machines.

The new generation of Bitcoin mining machines will also be equipped with 7 nanometer chips and will have a theoretical computing power of up to 110 TH / s with a power consumption of 3,300 W. ETC mining machines have completed a successful IC design, using 3-D Wafer-over-Wafer (WoW) packaging techniques. This niche IC packaging technology would increase the theoretical computing power of mining machines to 1.44 GH / s per machine, potentially making it one of the leading mining machines in terms of processing capacity. Finally, LTC mining machines are also under development, with an estimated computing power of 3,000 MH / s and a power consumption of 1,800 W.

“We are pleased to announce the first closure of our Bee Computing acquisition and are excited about the progress Bee Computing has made in developing and manufacturing chips and cryptocurrency mining machines,” said Mr. Xianfeng Yang, CEO of BIT Mining. “Bee Computing has a unique R&D team that continues to achieve remarkable milestones. In the future, we plan to devote additional resources to assisting Bee Computing in its development and manufacturing of the most popular chips and cryptocurrency mining machines with ever-increasing performance advantages. We believe that their capabilities will optimize our product offerings and further enhance our position in the blockchain industry value chain. “

About BIT Mining

BIT Mining (NYSE: BTCM) is a leading technology-driven cryptocurrency mining company with a long-term strategy to create value throughout the cryptocurrency industry. Its business covers cryptocurrency mining, the mining pool, and the operation of the data center. The Company owns the world’s leading blockchain browser BTC.com and the comprehensive mining business operated under BTC.com, which offers multi-currency mining services including BTC, ETH and LTC. The Company also owns a 7-nanometer cryptocurrency mining machine manufacturer, Bee Computing, which completes the Company’s vertical integration with its supply chain, increasing its self-sufficiency and strengthening its competitive position.

Prospective statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology as: “will”, “wait” “” “anticipate”, “future”, “intend”, “plan”, “believe”, “estimate”, “aim”, “forward”, “perspective” and similar statements. Such statements are based on current management expectations and current market and operating conditions and are related to events involving known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the control of Company, which may cause the actual results, performance or achievements of the Company to differ materially from those of the forward-looking statements. Important factors that could make BIT Mining’s actual results differ materially from those set forth in the forward-looking statements. More information about these and other risks, uncertainties, or factors is included in the company’s files with the U.S. Securities and Exchange Commission. The Company assumes no obligation to update any forward-looking statements as a result of new information, future events or otherwise, unless required by law.

For more information:

BIT Mining Limited
[email protected]
group ir.btcm
www.btcm.group

The Piacente Group, Inc.
Brandi Piacente
Phone: +1 (212) 481-2050
E-mail: [email protected]

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SOURCE BIT Mining Limited



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