Bit Mining has announced the successful completion of the second phase of its data centre acquisition in Ethiopia.
The company entered into a definitive agreement in December 2024 to acquire cryptocurrency data centres in Ethiopia, finalising the deal later that month. In a recent update, Bit Mining disclosed that it has issued an additional 45,278,600 Class A ordinary shares to fund the purchase of the remaining data centres and the deployment of Bitcoin mining machines.
Following this expansion, Bit Mining now operates data centres with a total capacity of 51MW, marking a significant increase in its mining infrastructure in Ethiopia. CEO Xianfeng Yang noted that despite deploying more Bitcoin (BTC) mining machines, the company’s strategic focus has shifted towards the Solana (SOL) ecosystem.
Yang explained that while progress continues in Bitcoin mining, the company is actively exploring opportunities within the Solana ecosystem to diversify its operations: “this move reflects our commitment to capturing broader market potential and aligning with emerging trends that can drive long-term value and growth for the company.”
Recently, Bit Mining announced a strategic pivot towards Solana, planning to raise between $200 million and $300 million to fund a treasury of SOL tokens. The company also intends to convert its existing cryptocurrency holdings into Solana tokens, aiming to strengthen its position within the ecosystem.
Solana is a Layer-1 blockchain designed for low-cost, high-speed payments, and supports a wide array of decentralised finance (DeFi) applications including gaming, marketplaces, and non-fungible tokens (NFTs). While Bitcoin operates primarily as a store of value and payment system using a Proof-of-Work (PoW) consensus mechanism, Solana employs a Proof-of-Stake (PoS) protocol that is significantly less energy-intensive.
Bitcoin’s PoW network requires specialised mining hardware and consumes substantial electricity, whereas chains like Solana focus on environmentally friendly, high-efficiency infrastructure. Bit Mining’s shift towards Solana reflects a broader industry trend of exploring more sustainable blockchain technologies that offer scalability and lower operational costs.
