Share this article
Crypto Miner BIT Mining Ditches Data Center Build in Kazakhstan Due to Unstable Power Supply
The company’s bitcoin mining rigs hosted by third-party data centers in the country remain operational.
Updated May 11, 2023, 4:01 p.m. Published Feb 17, 2022, 4:47 p.m.
Hong Kong-based cryptocurrency miner BIT Mining (BTCM) pulled the plug on its near-$10M mining data center construction project in Kazakhstan, citing unstable local power supply.
- BIT Mining announced in May a plan to invest $9.33 million to construct and operate a data center in Kazahkstan with a total power capacity of 100 megawatts (MW). However, during its quarterly earnings report this morning, the company said that deal had been terminated.
- The move won’t affect BIT Mining's bitcoin mining machines deployed in third-party data centers in the country, said the firm.
- It’s another data point showing the continued difficulty miners are facing in Kazakhstan as the national grid operator moved first to ration electricity to crypto miners, and then to cut them off completely. On Dec. 2, CoinDesk reported that Bitmain-backed miner BitFuFu - following weeks of power rationing in Kazakhstan - abandoned its mining rigs there and purchased new ones to set up in the U.S.
- BIT Mining, meanwhile, continues to ramp up data center investment in the U.S., saying development of its Ohio mining site is expected to be completed in the first half of this year. The location will have a total planned power capacity of up to 150 megawatts.
- Turning to Q4 operating results, the company reported revenue of $495.8 million, up 26% from $393.1 million in the previous three months. Helping to boost revenue were deployments of mining machines in Hong Kong and the U.S., and stronger mining pool business thanks to rising cryptocurrency prices.
- The company’s Q3 revenues were revised lower by $33 million because of a reclassification of commissions charged to mining pool customers, Vice President Danni Zheng told CoinDesk via WeChat on Thursday.
- Shares are down 2.6% in late-morning U.S. trading, with miner peers also sliding alongside a 4% decline in the price of bitcoin .
Read more: Miners Look Away From Kazakhstan for Growth Opportunities
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Pye Finance Raises $5M Seed Round Led by Variant and Coinbase Ventures
The platform aims to make locked Solana staking positions tradable via an onchain marketplace.
What to know:
- Pye Finance raised a $5 million seed round led by Variant and Coinbase Ventures, with participation from Solana Labs, Nascent and Gemini.
- The startup is building an onchain marketplace on Solana for time-locked staking positions that can be traded.
- Pye says the product targets Solana’s large pool of staked SOL, worth roughly $75 billion, and aims to give validators and stakers more flexibility over terms and reward flows.
Top Stories
