China-based BTC Digital introduced the acquisition of 220 new Bitcoin (BTC) mining units on Nov. 3, bringing its whole variety of machines to 2,174, with over 230 petahashes per second (PH/s) of computing energy. The new acquisitions are anticipated to turn into operational by the top of the month.
The deal was made with “two unaffiliated third parties” for Bitmain Antminer S19j Pro units in alternate for 276,572 shares of extraordinary firm inventory valued at $968,800, in keeping with a statement. BTC Digital was often called Meten EdtechX Education Group till a reputation change in August that “better reflects the Company’s current business operations.”
According to the Nasdaq-listed firm’s web site, it’s “a leading general English language training service provider in China.” The web site claims that the corporate has studying facilities nationwide and gives coaching on-line and in the metaverse. A Reddit thread begun on Nov. 11, 2022 indicated that the corporate had ceased instructing operations unexpectedly, nonetheless.
Related: Bitmain to start shipping new Bitcoin Antminer T21 in January 2024
The firm expanded into Bitcoin mining on the finish of 2021 when it deployed 1,482 miners, in keeping with an undated profile on its web site. Its mining farms have been positioned in the American states of Pennsylvania and Tennessee and run by a 3rd celebration. BTC Digital CEO Alan Peng mentioned of the corporate’s newest buy:
“With the recent purchases and our plan to further increase the number of mining machines, we aim to continue improving our financial conditions as well as maximizing value 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 is 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 in the following bull market, probably 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 in the second half of 2021, though its efforts appeared to be less than fully profitable.
Magazine: Bitcoin miner gets life in prison, China offers bounties for crypto firms: Asia Express
