China-based BTC Digital has expanded in Bitcoin mining operations by acquiring 220 cutting-edge Bitmain Antminer S19j Pro units. BTC Digital’s mining fleet now boasts a formidable 2,174 machines with this addition.
They will now be able to deliver a computing power of over 230 petahashes per second (PH/s). These new acquisitions are set to go live by the end of the month, and their implications are could be revolutionary.
BTC Digital first deployed 1,482 miners in late 2021. It marked a strategic shift from English language education to the crypto mining scene.
Crypto mining machines bought for shares
This deal was brokered with “two unaffiliated third parties.” BTC Digital gave away 276,572 of ordinary company stock, valued at $968,800. BTC Digital has pivoted from its previous identity as a prominent English language training service provider in China.
The company’s name change in August from Meten EdtechX Education Group better aligns with its current business pursuits. Latest move is firther poised to make waves in the crypto industry.
BTC digital’s endeavours in the education sector
BTC Digital’s educational roots haven’t been forgotten despite its impressive transformation into a Bitcoin mining powerhouse. The company boasts a wide network of education centers across China. They offer both in-person and online educational services.
Its mining farms were managed by a third party and located in the United States (Pennsylvania and Tennessee).
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
Alan Peng, BTC Digital.
The stock market reacted undecisive to BTC Digital’s transition. The share price hit a low of $1.79 per share on September 26. However, the company experienced a remarkable surge in activity because of its change in ticker symbol from METX to BTCT on the same day. BTC Digital boasts a market capitalization of $3.1 million, and its shares are valued at $3.66 million.
The story of BTC Digital summarizes the dynamic shifts underway in China’s economic landscape. As China cracked down on Bitcoin mining domestically in the second half of 2021, BTC Digital’s venture into this space showcases boldness that holds promise despite the regulatory hurdles.