BIT Mining Limited (BTCM) stock gained in the current market after the Company announced Ohio mining site progress in a press release. BTCM values at $4.51, gaining more than 3.47% from the previously closed value. At the end of the last trading session, the stock closed at $3.32. The stock volume traded in the previous trading session was around 492.94K shares.

Reason for BTCM stock gained

BIT Mining Limited (BTCM) announced progress on its Ohio mining site in North America. The Company has achieved approximately 50 MW of power capacity with its partner at the Ohio mining site.

BIT Mining plans to build a 150MW data center in Ohio, as announced in October 2021. As the data center’s power capacity grows, the Company self-mines and hosts third-party miners.

Despite ongoing industry-wide supply chain constraints, the Company says their Ohio Mining Site is expanding and securing mining machines. First, they hit 50MW now. The Company intends to expand its footprint and build strong industry partnerships. They are focusing on building a technology-driven enterprise that can generate revenue and increase its brand value.

They intend to execute strategy and scale aggressively through 2022. Our ability to source mining equipment and access the latest technology has been and will continue to be our mainstay. We are confident that our continued business diversification and integration of new ventures will enhance stakeholder value.

Effect on the stock gain

As soon as the Company announced its progress on the Ohio site, its stock value increased. Investors appear to show a great deal of interest in its stock, based on its projected growth. As the regular trading session got underway, the volume of transactions increased significantly.

Conclusion

In 2022, BIT Mining Limited (BTCM) intends to expand its operations. With a new mining site in Ohio, the cryptocurrency mining company expects to increase its mining capacity. It expects to increase its production and revenue in the fiscal year 2022.