24/7 Market News Snapshot 09 December, 2024 – BIT Mining Limited (NYSE:BTCM)

December 9, 2024

DENVER, Colo., 09 December, 2024 (247marketnews.com) – (NYSE:BTCM) are discussed in this article.
BIT Mining Limited is experiencing a notable bullish trend, with pre-market trading reflecting a price of $3.985, marking a significant increase of 16.18% from the prior close of $3.430. This surge in price, accompanied by a trading volume of 752.60K, indicates heightened market interest and momentum in response to favorable industry developments. The company’s upcoming movements above the $4 mark could further amplify this upward trend, while support remains anchored at the previous closing price. Market participants are encouraged to closely observe trading volumes and news flow to gauge the sustainability of this bullish trajectory.

Concurrently, BIT Mining has reached a significant milestone in its growth strategy, successfully completing the first phase of its acquisition of operational cryptocurrency mining data centers and Bitcoin mining machines. This phase involved a cash payment of approximately $2.265 million and the issuance of 369,031,800 Class A ordinary shares. This acquisition includes a 35-megawatt, fully operational data center and a fleet of 17,869 Bitcoin mining machines, signaling the company’s commitment to enhancing its technological prowess and solidifying its position in the competitive cryptocurrency sector.

Looking to the future, BIT Mining is set to launch the second phase of the acquisition, which entails the transfer of additional data centers slated for completion in March or April 2025. An additional 45,278,600 Class A ordinary shares will be issued at that time. The representative of BIT Mining emphasized the significance of this growth initiative, highlighting its focus on building cost-efficient, high-performance data centers to ensure resilience in a volatile market. With a holistic approach to cryptocurrency mining and data center operations, BIT Mining is well-positioned for sustained growth and innovation in the industry.

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