Crypto mining Bit Mining Ltd. may leave Akron

Crypto mining Bit Mining Ltd. may leave Akron

Bit Mining Ltd., the company that established the first bitcoin mining facility in Akron, is currently mulling over whether or not to relocate its operations outside of the city. A recent regulatory file made by the firm showed that it is actively researching potential alternate locations beyond Akron, Ohio. 

The corporation made the filing. Additionally, Bit Mining has entered into a hosting services agreement with Lonestar Dream Inc., located in Texas. With this arrangement, Bit Mining has secured 13 megawatts of power capacity for what it refers to as its “Texas Mining Site.” They made this agreement by the 26th of June.

Documents obtained from the office of the Texas Comptroller reveal that Lonestar Dream Inc. currently operates two data-mining facilities within the state of Texas.

Bit Mining is now conducting business in Akron using a massive plant that has an output of 82.5 megawatts and is located at 428 S. Seiberling St. This single location was responsible for the generation of about $3.6 million in service fees during the second quarter. 

In comparison to the previous quarter, this number represents a fall of 39%, the primary cause of which was a power outage that lasted for a whole month. The company’s quarterly financial results announcement marked the first time these insights were made public.

The plant’s utility supplier triggered the power outage on April 24 and it lasted till April 28. Routine maintenance being performed at the facility caused the outage.

Unfortunately, this condition continued through the maintenance phase and lingered until May 26. The root cause of this prolonged outage was the failure of Bit Mining’s regional service provider, Viking Data Centers (VDC), LLC, to fulfill its obligations regarding the payment of its power bill.

Bit Mining is a business that both makes tools for mining cryptocurrencies and mines them. It does this for its own profit and rents out its computing power to other crypto miners. Recent regulatory records show that the company moved its main operations from mainland China to Hong Kong and then to Akron, Ohio, at the end of last year.

According to a statement from Bit Mining, their local service provider, Viking Data Centers (VDC), LLC, did not pay their energy bills on time, even though Bit Mining paid its share of the bills on time. Bit Mining, VDC, and the power company worked together to solve this problem.

At the time of writing this story, however, Viking Data Centers representatives did not return calls and emails. In the same way, an email sent to a Bit Mining business partner in Toronto did not get a reply.

Bit Mining’s American depositary shares (NYSE: BTCM) went up by less than a half of a percentage point on Tuesday, hitting $2.70.


About Ylleza Jashari

Senior student pursuing a degree in Security Studies at Rochester Institute of Technology. In my role as a Content Writer at Walletor, my primary objective is to develop informative content that effectively educates all Walletor users on the most up-to-date insights pertaining to financial transactions, digital wallets, and the broader cryptocurrency industry.