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China-based BTC Digital introduced the acquisition of 220 new Bitcoin (BTC) mining models on Nov. 3, bringing its complete variety of machines to 2,174, with over 230 petahashes per second (PH/s) of computing energy. The brand new acquisitions are anticipated to grow to be operational by the tip of the month.
The deal was made with “two unaffiliated third events” for Bitmain Antminer S19j Professional models in trade for 276,572 shares of peculiar firm inventory valued at $968,800, in line with a statement. BTC Digital was referred to as Meten EdtechX Schooling Group till a reputation change in August that “higher displays the Firm’s present enterprise operations.”
In response to the Nasdaq-listed firm’s web site, it’s “a number one normal English language coaching service supplier in China.” The web site claims that the corporate has studying facilities nationwide and gives coaching on-line and within the metaverse. A Reddit thread begun on Nov. 11, 2022 indicated that the corporate had ceased educating operations unexpectedly, nevertheless.
Associated: Bitmain to start shipping 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 line with an undated profile on its web site. Its mining farms have been positioned within the American states of Pennsylvania and Tennessee and run by a 3rd get together. BTC Digital CEO Alan Peng mentioned of the corporate’s newest buy:
“With the current purchases and our plan to additional enhance the variety of mining machines, we purpose 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 degree may 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 appeared to be less than fully profitable.
Journal: Bitcoin miner gets life in prison, China offers bounties for crypto firms: Asia Express
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