Bitcoin (BTC) mining company BIT Mining plans to invest $12.xiv million to develop an 85-megawatt crypto mining middle in Ohio.

As the company that owns the unabridged mining puddle business operated under BTC.com, Chip Mining set a articulation venture agreement with Viking Information Centers to establish the Bitcoin mining facility.

Every bit part of the JV agreement, Scrap Mining will pay $10.84 million in cash to Viking Information with the remaining sum to be settled in cash or visitor stock.

Following its investment in Viking Data and the subsequent JV agreement, Scrap Mining will own 51% of the Ohio Bitcoin mining facility.

Dubbed the "Ohio Mining Site," the planned 85-megawatt Bitcoin mining facility will reportedly exist developed in 3 phases.

The first stage of the facility's development will run across the capacity reach 11 megawatts by Oct. 15, 2022, while the second and third phases volition have milestone capacities of 39 and 35 megawatts, respectively.

The timeline for the second and third phases, according to the proclamation, is Nov. 15, 2022, and Feb. 15, 2022.

Wednesday's annunciation also stated that BIT Mining has already secured 1,016 Bitcoin mining machines with plans for further inventory expansion.

Related: Crypto cowboys: Texas counties welcome Bitcoin miners with open artillery

The Ohio Mining Site is ane of many Bitcoin mining facilities set to go live in the United states of america amid a steady migration of hash power to North American locations.

Following China'due south crypto mining crackdown in the summer, miners take been forced to motion their equipment overseas.

North American mining establishments take taken the opportunity to expand their share of the market, with major companies purchasing additional rigs for their facilities.

This inventory expansion has also led to significant acquirement growth with Anarchism Blockchain reporting a i,540% increase in quarterly acquirement back in August.

The Ohio Mining Site is also part of Scrap Mining's business concern expansion, with the company also operating in Kazakhstan, as previously reported past Cointelegraph.