Bitcoin miner (BTC) BIT Mining plans to invest $ 12.14 million in the development of an 85 megawatt crypto mining center in Ohio.
As the company that owns the entire mining pool business operating under BTC.com, BIT Mining entered into a joint venture agreement with Viking Data Centers to organize a Bitcoin mining operation.
Under the joint venture agreement, BIT Mining will pay Viking Data $ 10.84 million in cash, with the remainder paid in cash or in company stock.
Following the investment in Viking Data and the subsequent joint venture agreement, BIT Mining will own 51% of Ohio Bitcoin Mining.
The plan is that the development of 85 megawatts for bitcoin mining, known as the “Ohio Mining Site,” will take place in three phases.
At the first stage of the station’s development, by October 15, 2021, the capacity will be 11 MW, and at the second and third stages – 39 and 35 MW, respectively.
The schedule for the second and third phases, according to the announcement, is November 15, 2021 and February 15, 2022.
Wednesday’s announcement also mentioned that BIT Mining has already attracted 1,016 bitcoin miners with plans to further expand its holdings.
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The Ohio Mining Site is one of several bitcoin mining ventures to start operating in the United States amid the ongoing migration of hash power to the North American regions.
After a summer cryptocurrency mining campaign in China, miners were forced to move their hardware overseas.
Mining organizations in North America seized the opportunity to increase their market share as large companies bought more rigs for their facilities.
This inventory expansion also resulted in significant revenue growth as Riot Blockchain reported a 1.540% growth in quarterly sales in August.
The Ohio mining site is also part of BIT Mining’s expansion, and as Cointelegraph previously reported, the company also operates in Kazakhstan.