Bitcoin (BTC) mining company BIT Mining plans to invest $ 12.14 million to develop an 85 megawatt crypto mining hub in Ohio.
As the company that owns all of the mining pool’s activities operated under BTC.com, BIT Mining has entered into a joint venture agreement with Viking Data Centers to establish the Bitcoin mining facility.
As part of the joint venture agreement, BIT Mining will pay Viking Data $ 10.84 million in cash, with the remainder to be paid in cash or company stock.
As a result of its investment in Viking Data and the subsequent joint venture agreement, BIT Mining will own 51% of the Ohio Bitcoin mining facility.
Dubbed the “Ohio mine site,” the planned 85 megawatt Bitcoin mining facility would be developed in three phases.
The first stage of the facility’s development will see the capacity reach 11 megawatts by October 15, 2021, while the second and third phases will have milestone capacities of 39 and 35 megawatts, respectively.
The schedule for the second and third phases, according to the announcement, is November 15, 2021 and February 15, 2022.
Wednesday’s announcement also stated that BIT Mining had already secured 1,016 Bitcoin mining machines with plans for further inventory expansion.
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The Ohio mine site is one of many Bitcoin mining facilities slated to go live in the United States as part of a constant migration of hash power to North American sites.
Following the crackdown on crypto mining in China this summer, miners have been forced to move their equipment overseas.
North American mining establishments have taken the opportunity to expand their market share, with larger companies purchasing additional rigs for their facilities.
This expansion in inventory also led to significant revenue growth, with Riot Blockchain reporting a 1,540% increase in quarterly revenue in August.
The Ohio mine site is also part of the business expansion of BIT Mining, the company also operating in Kazakhstan, as previously reported by TBEN.