Crypto mining, which has a very important place in the crypto money ecosystem, continues to grow with the support of companies working on this issue. BIT Mining, one of the leading crypto mining companies, has announced that it will sell shares of its subsidiary Lotto Interactive, this time.
BIT Mining Sells Shares of Its Subsidiary Lotto Interactive
Crypto mining company BIT Mining, formerly known as 500.com, announced that it has sold a stake in Lotto Interactive, which started as an online lottery company and switched to Bitcoin mining in 2019.
BIT Mining reported that it has signed an acquisition agreement with an unnamed third party for 51 percent of the shares of Lotto Interactive. But after the deal, it was reported that he would retain 8.79 percent of the company.
BIT Mining has announced that this move is in line with the company’s plans to expand into the US. After shutting down operations in China last year, the company had received a $50 million investment to move abroad.
BIT Mining has now started building a 150-megawatt site in Ohio. According to the company’s 2022 earnings report, the first 50 megawatts of capacity have been developed.
BIT Mining’s work through Lotto Interactive was done in China before it took drastic steps in mining. According to Lotto’s first quarter earnings results, one of the sites in China’s Sichuan Province was shut down in January 2022 and the other two will close.
Finally, Hong Kong-based crypto mining company BIT Mining ended the data center construction that it started in Kazakhstan last February due to the unstable power supply in the country. The company made a commitment of $9.3 million in May.
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