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BIT Mining Shares Rise 10% After Purchase of New Bitcoin Mining Machines

By Chris Wack

 

BIT Mining Ltd. shares were up 10% to $4.89 after the company said it is buying 2,500 new bitcoin mining machines for a total consideration of $6.6 million.

Volume for the stock was 2.3 million shares at 12:50 p.m. EDT, compared to its 65-day average volume of 792,000 shares. The stock hit its 52-week high of $35 on Feb. 16.

The cryptocurrency mining company said that when deployed, it expects the new machines to increase its theoretical maximum total hash rate capacity by 165 peta hashes per second.

BIT Mining expects the new machines to be delivered within one week from Wednesday. Following delivery, the company plans for them to be shipped to Kazakhstan for deployment.

The company said it is monitoring current conditions in the market for cryptocurrency mining machines and will consider cost-efficient mining machine acquisitions on an opportunistic basis. Looking forward, the company is prepared to further expand the scale of its business and increase its theoretical maximum total hash rate capacity to strengthen its position as a leading cryptocurrency mining enterprise.

 

Write to Chris Wack at chris.wack@wsj.com

 

(END) Dow Jones Newswires

July 28, 2021 13:13 ET (17:13 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.

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