At last check, BIT Mining Limited (BTCM) was trading at $4.95, up 10.99% in premarket trading. The shares of BTCM stock fell by 9.35% on Tuesday to close at $4.46. The day’s trading volume of BTCM stock was 1.17 million, a higher volume than the average during the last three months of 815.83K. BTCM stock fluctuated between $4.15 and $4.68 during the trading session. BTCM had a -0.63 earnings per share ratio.
BTCM stock lost -4.09% of its value over the previous five sessions, -43.47% over the past month but is down -50.44% year to date. The 50-day moving average of BTCM is $7.61 compared to $10.93 for the 200-day moving average. Further, BTCM stock currently has an RSI of 32.87. BTCM stock is gaining after it announced the purchase of more bitcoin mining machines.
How many more machines is BTCM Stock purchasing?
With a long-term strategy to create value in the crypto industry, BIT Mining is a leader in cryptocurrency mining. Mining, data center, and mining pool operations are all part of BTCM’s business. The domain name BTC.com, as well as the mining pool business operated under BTC.com, is owned by BTCM.
As part of its vertical integration with its supply chain, BTCM has also entered into a definitive agreement to purchase 7-nanometer cryptocurrency mining machine manufacturer Bee Computing. This will increase its own independence and competitiveness, as well as enhance its supply chain integration.
A definitive purchase agreement was signed today by BIT Mining (the “Purchase Agreement”) for the acquisition of 2,500 new bitcoin mining machines (“the Acquired Machines”) for a total consideration of approximately US$6.6 million.
- It is anticipated that BTCM will increase its theoretical hash rate capacity by approximately 165 peta hashes per second (PH / s) when the Acquired Machines have been deployed.
- Deliveries of the Acquired Machines are expected to begin within one week.
- The BTCM plans to deploy them in Kazakhstan after they are delivered.
BTCM’s overseas development strategy:
BTCM has continued to expand its overseas development strategy in addition to expanding its bitcoin mining machine fleet.
- A recent deployment by BTCM of 3,819 bitcoin mining machines in Kazakhstan resulted in a total hash rate capacity of 172 PH/s.
- Moreover, 4,033 bitcoin mining machines have been shipped to Kazakhstan’s data centers and will be deployed shortly.
- With the deployment of 86.4 giga hashes per second (GH/s) of hash rate capacity, BTCM started ethereum mining outside of mainland China.
- In October 2021, an extra 4,713.6 GH/s of hash rate capacity is expected.
An opportunistic approach:
On an opportunistic basis, BIT Mining (BTCM) monitors current market conditions and will consider cost-efficient mining machine acquisitions when appropriate. To realize its objective of becoming a leading cryptocurrency mining enterprise, BTCM intends to further expand the scope of its operations and increase its theoretical maximum total hash rate capacity.
