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SOS Limited (NYSE:SOS) stock is on the rise Monday after announcing an update to its cryptocurrency mining business.
Source: biggunsband / Shutterstock.com
A news release from SOS Limited reveals that the blockchain play launched its second crypto mining fleet. This fleet contains a total of 5,000 cryptocurrency mining machines. These will be used for mining Bitcoin (CCC:BTC-USD) and Ethereum (CCC:ETH-USD).
According to SOS Limited, this will result in 353 Peta-Hashes per second (PH/s) for bitcoin mining and 707 Giga-Hashes per second (GH/s) for ethereum mining. In total, it expects to generate 41 bitcoin and 909 ethereum in the first quarter of 2021.
SOS Limited CFO Steven Li’s comments on crypto mining are also another positive for the company’s stock.
“These expected mining results reflect only a partial quarter of operations, since our current fleet of mining rigs was only recently installed during the first quarter. Our output should grow in future quarters as we receive and install our third batch of mining rigs and have a full quarter of operations for our current rigs.”
The SOS Limited announcement today also includes other good news that’s sending the company’s stock higher. It reports that it has generated its first full bitcoin. That marks a major milestone for the company as its crypto mining business heats up.
SOS Limited stock is seeing heavy trading on today’s news. As of this writing, more than 89 million shares of the stock changed hands. That’s a nice spike over its daily average trading volume of 52 million shares.
SOS stock was up 21% as of noon Monday.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
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