China-based BTC Digital announced on November 3 that it has purchased 220 new Bitcoin (BTC) mining units, bringing the total number of machines to 2,174, with a computing power of over 230 PH/s. It has become equipped with the following. The new acquisition is expected to be operational by the end of this month.
The deal was entered into with “two unrelated third parties” for Bitmain Antminer S19j Pro units in exchange for 276,572 common company shares valued at $968,800, the people said. statement. BTC Digital was previously known as Meten EdtechX Education Group until the name change. change It said in August that this “better reflects our current business operations.”
The Nasdaq-listed company’s website says it is “China’s leading comprehensive English training service provider.”website Claim The company has learning centers across the country and offers training online and in the Metaverse. Reddit thread started on November 11, 2022; shown However, the company unexpectedly discontinued its education operations.
Related: Bitmain to start shipping new Bitcoin Antminer T21 in January 2024
company expanded The company entered Bitcoin mining in late 2021 and has deployed 1,482 miners, according to an undated profile on its website. The mining farms were located in Pennsylvania and Tennessee in the United States and were operated by a third party. BTC Digital CEO Alan Peng said of the company’s latest acquisition:
“With our recent purchases and plans to further increase the number of mining machines, we aim to continue to improve our financial position and maximize value for our shareholders.”
The market capitalization as of September 28 was $3.1 million. hitting The stock hit a low of $1.79 per share on September 26th. After the ticker symbol changed from METX to BTCT on September 28th, there was a surge in trading. At the time of writing, the stock price is $3.66.
What is the current valuation? #bitcoin Mining sector?
On average, public miners trade with a P/S ratio of 2.92. This level could rise above 7 in the next bull market, potentially pushing stock valuations to new all-time highs. pic.twitter.com/jTb2MjfvCt
— Jalan Mellerud ⛏️ (@JMellerud) November 3, 2023
China cracked down on domestic Bitcoin mining in the second half of 2021, but the effort appears not to have been completely successful.
Magazine: Bitcoin miner sentenced to life in prison, China offers reward to crypto companies: Asia Express
