BIT Mining, a Hong Kong-headquartered cryptocurrency miner, has terminated its data center construction in Kazakhstan due to an unstable local power supply, the company said in its quarterly report.
See related article: Crypto mining’s Great Migration continues — out of Kazakhstan
Fast facts
- BIT Mining now abandons a US$9.3 million pledge to a Kazakh data center announced last May.
- The New York Stock Exchange-listed crypto miner said that its Bitcoin mining rigs deployed in third-party facilities in the Central Asian nation remain in operation.
- BIT Mining’s withdrawal adds to the decreasing presence of Bitcoin miners in the second-largest hashrate in the world, presenting an opportunity for third-place Russia to claim the spot to trail the U.S.
- In the fourth quarter of 2021, BIT Mining recorded US$495.8 million in total revenue, up 26.1% from US$393.1 million for the third quarter.
- Its net loss shrank to US$8.8 million from US$29.6 million.
See related article: BIT Mining’s Ohio site power capacity grows amid US expansion