China-based BTC Digital introduced the acquisition of 220 new Bitcoin (BTC) mining models on Nov. 3, bringing its whole variety of machines to 2,174, with over 230 petahashes per second (PH/s) of computing energy. The brand new acquisitions are anticipated to turn out to be operational by the top of the month.
The deal was made with “two unaffiliated third events” for Bitmain Antminer S19j Professional models in change for 276,572 shares of unusual firm inventory valued at $968,800, in accordance with a assertion. BTC Digital was generally known as Meten EdtechX Schooling Group till a reputation change in August that “higher displays the Firm’s present enterprise operations.”
In line with the Nasdaq-listed firm’s web site, it’s “a number one common English language coaching service supplier in China.” The web site claims that the corporate has studying facilities nationwide and presents coaching on-line and within the metaverse. A Reddit thread begun on Nov. 11, 2022 indicated that the corporate had ceased instructing operations unexpectedly, nonetheless.
Associated: Bitmain to begin delivery new Bitcoin Antminer T21 in January 2024
The corporate expanded into Bitcoin mining on the finish of 2021 when it deployed 1,482 miners, in accordance with an undated profile on its web site. Its mining farms have been situated within the American states of Pennsylvania and Tennessee and run by a 3rd get together. BTC Digital CEO Alan Peng stated of the corporate’s newest buy:
“With the latest purchases and our plan to additional improve the variety of mining machines, we intention to proceed bettering our monetary situations in addition to maximizing worth for our shareholders.”
It had a market cap of $3.1 million on Sept. 28, after hitting a low of $1.79 per share on Sept. 26. It skilled a surge of exercise after its ticker image was modified from METX to BTCT on Sept. 28. Shares are valued at $3.66 on the time of writing.
What’s the present valuation of the #bitcoin mining sector?
On common, the general public miners commerce at a P/S ratio of two.92. This stage might surpass 7 within the subsequent bull market, doubtlessly pushing inventory valuations to new all-time highs. pic.twitter.com/jTb2MjfvCt
— Jaran Mellerud ⛏️ (@JMellerud) November 3, 2023
China cracked down on Bitcoin mining domestically within the second half of 2021, though its efforts seemed to be much less than fully profitable.
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