BIT Mining Limited, a global cryptocurrency mining firm, has announced plans to acquire 51-megawatt cryptocurrency mining data centres and nearly 18,000 Bitcoin mining machines in Ethiopia, according to a company press release issued on December 3.

The transaction, valued at $14.28mn, includes a $2.27mn cash payment and the issuance of Class A ordinary shares worth $12.02mn. The deal will be completed in two phases, with the first stage involving the transfer of a 35-megawatt operational data centre and mining machines, expected to close within days. The second stage will conclude upon the completion of construction at the remaining data centres, the company said.

"This transaction represents a significant milestone in advancing our global development strategy," said Xianfeng Yang, Chief Executive of BIT Mining, in the press release. He noted that the company’s focus on data centre operations, mining machine innovation, and self-operated mining would enhance its competitiveness and profitability.

BIT Mining, headquartered in Akron, Ohio, operates across cryptocurrency mining, data centre management, and mining machine development. The company has also invested in developing advanced chips and miners for Litecoin, Dogecoin, and Ethereum Classic.

The Ethiopian acquisition is part of a broader strategy to strengthen its self-mining capabilities and operational resilience amid fluctuating cryptocurrency prices, the press release added.