China-based btc Digital announced the purchase of 220 new bitcoin (btc) mining units on November 3, bringing its total number of machines to 2,174, with more than 230 petahashes per second (PH/s) of computing power. The new acquisitions are expected to come online by the end of the month.
The deal was made with “two unaffiliated third parties” for Bitmain Antminer S19j Pro units in exchange for 276,572 shares of the company’s common stock valued at $968,800, according to a btc-digital-ltd-announces-purchase-of-220-units-of-antminer-s19j-pro-bitcoin-mining-machines-301976867.html” target=”_blank” rel=”noopener nofollow”>statement. btc Digital was known as Meten EdtechX Education Group until a name came up. btc-digital-ltd-301903306.html” target=”_blank” rel=”noopener nofollow”>change in August that “better reflects the Company’s current business operations.”
According to the Nasdaq-listed company’s website, it is “a leading provider of general English language training services in China.” The website claims that the company has learning centers nationwide and offers training online and in the metaverse. A Reddit thread started on November 11, 2022. indicated However, the company had unexpectedly ceased its teaching activities.
Related: Bitmain to start shipping new bitcoin Antminer T21 in January 2024
The company expanded in bitcoin mining in late 2021 when it deployed 1,482 miners, according to an undated profile on its website. His mining farms were located in the American states of Pennsylvania and Tennessee and were run by a third party. btc Digital CEO Alan Peng said of the company’s latest purchase:
“With recent purchases and our plan to further increase the number of mining machines, our goal is to continue to improve our financial conditions and maximize value for our shareholders.”
It had a market capitalization of $3.1 million on September 28, after btc-digitals-stock-rockets-after-ticker-change-better-reflects-its-business-ee0fcbbb” target=”_blank” rel=”noopener nofollow”>hitting a low of $1.79 per share on September 26. It saw a surge in activity after its ticker symbol changed from METX to BTCT on September 28. The shares are valued at $3.66 at the time of writing.
What is the current valuation of the bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin mining sector?
On average, public miners trade at a P/S ratio of 2.92. This level could surpass 7 in the next bull market, which could push stock valuations to new all-time highs. pic.twitter.com/jTb2MjfvCt
– Jaran Mellerud (@JMellerud) November 3, 2023
China cracked down on bitcoin mining nationwide in the second half of 2021, although its efforts did not appear to be entirely successful.
Magazine: bitcoin miner sentenced to life in prison, China offers rewards to cryptocurrency companies – Asia Express
