BIT Raises $50 Million To Help Bitcoin Mining Expansion Out Of China By Namcios BIT Mining announced a raise of around $50 million for the company to expand and move its operations out of China. The network is becoming more decentralized. What started being rumors about miners leaving China, followed by the hash rate dropping intensively is now confirmed miners fleeing China. BIT Mining, a bitcoin company and owner of BTC.com, has raised $50 million in a private placement. The company plans to utilize the proceeds of the private placement to expand its bitcoin mining operations worldwide. After the crackdown in China, miners are on the lookout for more welcoming jurisdictions, and BIT has already started to move part of its mining rigs to Kazakhstan, as well as making some investments in bitcoin data centers in Texas. The trend is clear that the network of miners has is resilient and is spreading throughout the world. |
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