English school turned BTC miner in China expands capacity with 220 new units
The brand-new acquisitions are anticipated to become functional by the end of the month.The offer was made with “two unaffiliated 3rd parties” for Bitmain Antminer S19j Pro units in exchange for 276,572 shares of regular company stock valued at $968,800, according to a declaration. A Reddit thread begun on Nov. 11, 2022, suggested that the company had stopped teaching operations suddenly, however.Related: Bitmain to start shipping brand-new Bitcoin Antminer T21 in January 2024The business expanded into Bitcoin mining at the end of 2021 when it released 1,482 miners, according to an undated profile on its site. BTC Digital CEO Alan Peng stated of the companys latest purchase:” With the recent purchases and our strategy to additional boost the number of mining makers, we intend to continue improving our financial conditions as well as making the most of worth for our shareholders.
China split down on Bitcoin mining domestically in the 2nd half of 2021, although its efforts appeared to be less than totally effective. Magazine: Bitcoin miner gets life in jail, China provides bounties for crypto firms: Asia Express
China-based BTC Digital announced the purchase of 220 brand-new Bitcoin (BTC) mining systems on Nov. 3, bringing its total number of machines to 2,174, with over 230PH/s of calculating power. The new acquisitions are expected to become functional by the end of the month.The offer was made with “2 unaffiliated third parties” for Bitmain Antminer S19j Pro units in exchange for 276,572 shares of normal company stock valued at $968,800, according to a declaration. BTC Digital was referred to as Meten EdtechX Education Group till a name change in August that “much better reflects the Companys present organization operations.” The BTC Digital homepage. Source: BTC DigitalAccording to the Nasdaq-listed companys website, it is “a leading basic English language training service company in China.” The site declares that the business has learning centers throughout the country and offers training online and in the metaverse. A Reddit thread started on Nov. 11, 2022, indicated that the business had actually ceased teaching operations unexpectedly, however.Related: Bitmain to begin shipping new Bitcoin Antminer T21 in January 2024The business expanded into Bitcoin mining at the end of 2021 when it deployed 1,482 miners, according to an undated profile on its site. Its mining farms were found in the American states of Pennsylvania and Tennessee and run by a third party. BTC Digital CEO Alan Peng stated of the companys latest purchase:” With the current purchases and our strategy to additional boost the variety of mining makers, we intend to continue enhancing our monetary conditions in addition to making the most of value for our investors.” It had a market cap of $3.1 million on Sept. 28, after striking a low of $1.79 per share on Sept. 26. It experienced a surge of activity after its ticker symbol was changed from METX to BTCT on Sept. 28. Shares are valued at $3.66 at the time of writing. What is the existing evaluation of the #bitcoin mining sector?On average, the public miners trade at a P/S ratio of 2.92. This level might go beyond 7 in the next booming market, possibly pushing stock assessments to brand-new all-time highs. pic.twitter.com/jTb2MjfvCt— Jaran Mellerud ⛏ (@JMellerud) November 3, 2023