Crypto mining firm BIT Mining has agreed to pay a $4 million civil penalty after the SEC charged it with violating the Foreign Corrupt Practices Act.

The U.S. Securities and Exchange Commission has charged crypto mining firm BIT Mining, formerly known as Chinese online betting platform 500.com, with violating the Foreign Corrupt Practices Act through a bribery scheme aimed at influencing Japanese government officials. The SEC announced in a Monday filing on Nov. 18 that the firm agreed to pay a $4 million civil penalty to resolve the charges.

Between 2017 and 2019, BIT Mining allegedly paid $2.5 million in cash bribes and gifts to several officials, including members of Japan’s parliament, in an effort to secure a bid to open an integrated resort casino in Japan. The company disguised the payments as fake consultant contracts and management advisory fees, according to the SEC.

Simultaneously, the U.S. Department of Justice stated that BIT Mining has also agreed to pay a $10 million criminal fine, with $4 million of that amount credited toward the SEC settlement.

“The illegal scheme started at the top, with the company’s CEO allegedly fully involved in directing the illicit payments and the subsequent efforts to conceal them.”

U.S. Attorney Philip R. Sellinger for the District of New Jersey

According to the DoJ, BIT Mining acknowledged under the U.S. Sentencing Guidelines that the “appropriate criminal penalty is $54 million.” However, the agency reduced the amount to $10 million, citing the company’s “financial condition and demonstrated inability to pay the penalty.”

BIT Mining also entered into a three-year deferred prosecution agreement with the DoJ, resolving charges of conspiracy to violate the anti-bribery and books-and-records provisions of the FCPA, as well as direct violations of the books-and-records provisions.

Chinese electric vehicle manufacturer Kaixin is looking for a strategic shift with plans to acquire a controlling stake in a Middle Eastern cryptocurrency mining operation.

The announcement depicts a major jump and diversification from its traditional automotive business.

Kaixin in advanced stages of acquisition

According to Kaixin’s press release, the Beijing-based company is in advanced stages of evaluating the potential acquisition.

The target operation features cost-efficient Bitcoin mining machines and provides comprehensive cloud hosting services to meet growing industry demand.

Kaixing stated that the facility’s key advantage lies in its access to stable, long-term energy supplies. The company stated that this is crucial for maintaining profitable operations.

This energy security aspect appears to be a primary driver behind the strategic choice of location.

Kaixin currently operates as a leading new energy vehicle manufacturer in China. The company maintains professional teams across R&D, production, and marketing.

Unlike many traditional automotive companies, Kaixin’s move into cryptocurrency mining represents a different and bold strategic pivot.

The company aims to use its existing expertise in sustainable operations while expanding into the crypto sector.

Kaixin stated in its press release:

“This acquisition represents our commitment to exploring new growth avenues while maintaining our core automotive excellence.”

However, the exact timeline for when the deal will close remains unclear as the company continues its evaluation process. 

The global crypto market cap has also surged past $3.04 trillion as Bitcoin (BTC) has created new all-time highs in the past few days. Alongside BTC, several other altcoins have exhibited double-digit gains in the last seven days.

Hut 8 has announced an upgrade to its ASIC fleet with the purchase of 31,145 Antminer S21+ units at $15 per terahash.

North American cryptocurrency mining giant Hut 8 has unveiled plans to upgrade its ASIC fleet with the purchase of 31,145 Bitmain Antminer S21+ miners.

In a Nov. 6 press release, the Miami-headquartered mining company stated that under the purchase agreement, it will acquire the miners at $15.00 per terahash, with delivery expected in early 2025. This upgrade is set to add 3.7 exahashes per second to Hut 8’s self-mining capacity, boosting it to approximately 9.3 EH/s, a 66% increase from current levels.

The new units are expected to enhance fleet efficiency by 37%, lowering average energy consumption per terahash from 31.7 to 19.9 joules, according to the press release.

Hut 8 upgrades mining fleet

Alongside an existing option to purchase an additional 15 EH/s of Bitmain miners at its Vega site, Hut 8 stated its goal to reach around 24 EH/s in self-mining hashrate and 15.7 J/TH in fleet efficiency by mid-2025.

Hut 8 chief executive Asher Genoot noted that the S21+ offers a “faster payback period than more efficient models across a wide band of future hashprice scenarios,” adding that these machines could help the company optimize investment returns. Following the news, Hut 8 shares rose nearly 7.6% to $16.74, according to data from Nasdaq.

The upgrade comes just a few months after Hut 8 expanded its partnership with Bitmain, revealing the upcoming launch of the U3S21EXPH, a next-generation ASIC miner capable of reaching up to 860 TH/s. Scheduled for deployment in Q2 2025, the miner is the first mass-commercialized ASIC model to feature direct liquid-to-chip cooling in a U-form factor.