BIT Mining finalizes Ethiopia data center acquisition
BIT Mining has successfully completed the second phase of its cryptocurrency data center acquisition in Ethiopia, adding a total of 51 megawatts (MW) of high-efficiency infrastructure to its global portfolio. The move significantly strengthens the company’s operational footprint in Africa and supports its broader shift toward Solana-based crypto initiatives.
The deal was initially announced on December 3, 2024, with the first phase finalized just days later on December 9. In the latest development, BIT Mining issued 45,278,600 Class A ordinary shares in exchange for the remaining data center assets and the deployment of additional Bitcoin mining machines.
Global diversification strategy
“While we continue to make progress in our crypto mining operations, we have strategically shifted our focus to actively explore opportunities within the Solana ecosystem,” said Xianfeng Yang, CEO of BIT Mining. “This move reflects our commitment to capturing broader market potential and aligning with emerging trends that can drive long-term value and growth for the Company.”
The completed acquisition is part of BIT Mining’s ongoing global diversification strategy, aimed at expanding into energy-efficient and scalable operations in emerging markets. The added capacity is expected to boost the company’s mining output while setting the stage for its entry into decentralized finance (DeFi) and smart contract operations powered by the Solana blockchain.
Ethiopia, with its abundance of renewable energy and rising digital infrastructure investments, is increasingly viewed as a strategic location for global tech firms looking to expand in Africa.
