BIT Mining is pulling out of a near-$10M mining data center construction project in Kazakhstan, it has been revealed. The Hong-Kong based mining company announced back in May its intention to build and operate a 100 megawatts (MW) facility in the country, a move that saw its shares slide as far as 5% intra-day Thursday.
According to the company, the decision to ditch the data center project was made based on the increasingly rocky power supply in Kazakhstan. Back in January, the country cut off crypto companies from its electricity supply, which was then followed by blackouts.
That said, the company has outlined that its bitcoin (BTC-USD) mining machines deployed in the third-party data centers in the country would remain operational and unaffected by this decision.
