On November 3, Chinese company BTC Digital announced the acquisition of 220 new Bitcoin mining equipment, significantly expanding its Bitcoin mining business.
This strategic move brings their total number of machines to 2,174, with computing power exceeding 230 petahash per second (PH/s).
The newly acquired mining equipment is expected to be fully operational by the end of this month.
The acquisition was made through an agreement with “two unrelated third parties” and involved the purchase of Bitmain’s Antminer S19j Pro equipment.
In exchange for the mining rigs, BTC Digital issued 276,572 common company shares with a total value of $968,800.
It is worth noting that BTC Digital underwent a name change in August from Meten EdtechX Education Group to better align with its current business operations.
BTC Digital is described on the Nasdaq-listed company’s website as a well-known provider of general English training services in China.
The company has a nationwide network of learning centers and offers online and Metaverse-based training programs.
However, there are signs, such as a Reddit post that appeared on November 11, 2022, that the company has abruptly suspended its teaching operations.
As stated in an undated document on its website, at the end of 2021, BTC Digital deployed 1,482 miners into Bitcoin mining.
These mines are located in Pennsylvania and Tennessee in the United States and are operated by third parties.
CEO Allen Peng expressed his thoughts on the recent expansion, saying:
“Through our recent acquisitions and plans to further expand our mining footprint, we look forward to continuing to improve our financial position and maximize value for our shareholders.”
As of September 28, BTC Digital had a market capitalization of $3.1 million, down from its low of $1.79 per share on September 26.
After changing its name from METX to BTCT on September 28, the company’s trading activity increased, and the stock Bitcoin CT As of this writing, the current value is $3.66.
Notably, China began cracking down on domestic Bitcoin mining activity in the second half of 2021, although there remains some uncertainty about the effectiveness of these efforts.
General Bitcoin News.