Bitcoin (BTC), mining company BIT Mining will invest $12.14 Million to build an 85 megawatts crypto-mining center in Ohio.
BIT Mining, the company that controls the entire BTC.com mining pool business, established a joint venture agreement to create the Bitcoin mining facility.
BIT Mining will pay Viking Data $10.84 Million in cash as part of the JV Agreement. The remainder amount will be settled in cash or company stock.
BIT Mining will now own 51% of Ohio’s Bitcoin mining facility after its investment in Viking Data.
The “Ohio Mining Site” is a proposed 85MW Bitcoin mining facility that will be built in three phases.
The facility will be developed in two phases. The first phase will have a capacity of 11MW by October 15, 2021. The second and third phases will have milestone capacities of 39, 35 and 35MW.
According to the announcement, the timeline for the second- and third phases is Nov. 15, 2021 and February 15, 2022.
Wednesday’s announcement stated that BIT Mining had already purchased 1,016 Bitcoin mining machines and plans to expand their inventory.
Related: Texas welcomes Bitcoin miners openly
The Ohio Mining Site is just one of the many Bitcoin mining sites that will be available in the United States. This comes amid an increasing amount of hash power moving to North American locations.
Miners were forced to relocate their equipment abroad following China’s crackdown on crypto mining in the summer.
North American mining companies have seized the opportunity to increase their market share, purchasing more rigs for facilities.
Riot Blockchain reported a 1,540% increase back in August in quarterly revenue due to this inventory expansion.
As previously reported by Cointelegraph, the Ohio Mining Site is part of BIT Mining’s business expansion. The company also operates in Kazakhstan.