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- BIT Mining Limited signed a binding investment term sheet with Dory Creek, LLC
- According to the term sheet, the firm will invest $25.74M to construct and operate a crypto mining center in Texas
- The Texas Mining Center will operate at a total power supply of 57.2MW, of which more than 85% is generated by clean energy
The leading cryptocurrency mining firm, BIT Mining Limited (NYSE: BTCM), has signed a binding investment term sheet with Bitdeer Inc.’s subsidiary, Dory Creek, LLC, to invest in a Texas-based crypto-mining data center.
BIT Mining’s Investment
Announced Wednesday, the Chinese enterprise will invest $25.74 million in the Texas Mining Center, operating at 57.2MW total power supply, of which over 85% is generated by clean and low-carbon energy. With further electricity supply optimization, the center plans to gradually shift to completely clean energy.
Environment And Economy
Formerly known as 500.com, BIT Mining is devoted to environmental protection with a lowered carbon footprint. Its Sichuan, China-situated hydroelectric data centers run 100% on clean energy. This power generation medium is a very good way to utilize the excessive water flows of the rainy season that were once abandoned due to insufficient electricity demand. The firm also contributes to the local economy, providing employment opportunities.
To Achieve Carbon Neutrality
The company’s Texas investment couldn’t have come at a better time. Amid rising investment in North American mining and Bitcoin facing backlash for its excess energy consumption and carbon footprint, more and more companies are seeking green or renewable energy generation sources. In order to contribute to the change, BIT Mining is also set to fulfill its obligations to achieve carbon neutrality, seeking high-quality mining resources overseas.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
