China-based BTC Digital introduced the acquisition of 220 new Bitcoin (BTC) mining models on Nov. 3, bringing its whole variety of machines to 2,174, with over 230PH/s of computing energy. The brand new acquisitions are anticipated to change into operational by the tip of the month.
The deal was made with “two unaffiliated third events” for Bitmain Antminer S19j Professional models in alternate for 276,572 shares of atypical firm inventory valued at $968,800, in line with a statement. BTC Digital was generally known as Meten EdtechX Schooling Group till a reputation change in August that “higher displays the Firm’s present enterprise operations.”
In line with the Nasdaq-listed firm’s web site, it’s “a number one normal English language coaching service supplier in China.” The web site claims that the corporate has studying facilities all through the nation and gives coaching on-line and within the metaverse. A Reddit thread begun on Nov. 11, 2022, indicated that the corporate had ceased educating operations unexpectedly, nevertheless.
The corporate expanded into Bitcoin mining on the finish of 2021 when it deployed 1,482 miners, in line with an undated profile on its web site. Its mining farms have been situated within 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 latest purchases and our plan to additional improve the variety of mining machines, we goal to proceed bettering our monetary circumstances in addition to maximizing worth 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’s the present valuation of the #bitcoin mining sector?
On common, the general public miners commerce at a P/S ratio of two.92. This degree might surpass 7 within the subsequent bull market, probably pushing inventory valuations to new all-time highs. pic.twitter.com/jTb2MjfvCt
— Jaran Mellerud ⛏️ (@JMellerud) November 3, 2023