English school BTC miner expands its capacity in China with 220 new units
China-based BTC Digital announced the purchase of 220 new Bitcoin (BTC) miners on November 3, bringing the total number of machines to 2,174 with more than 230 petahash per second (PH/s) of computing power. The new acquisitions are expected to be operational by the end of the month.
The deal was made with “two unrelated third parties” for Bitmain Antminer S19j Pro units for 276,572 shares worth $968,800 worth of ordinary company shares, according to the statement. BTC Digital was known as Meten EdtechX Education Group until it changed its name to “better reflect the company's current business activities” in August.
According to the Nasdaq-listed company's website, it is “a leading provider of comprehensive English language training services in China. The website says the company has learning centers nationwide and offers online and on-site training. A Reddit thread started on November 11, 2022 indicated that the company had unexpectedly discontinued the tutorial.
Related: Bitmain to start shipping new Bitcoin Antminer T21 in January 2024
The company expanded into bitcoin mining when it deployed 1,482 miners by the end of 2021. The mines were located in the US states of Pennsylvania and Tennessee and were operated by a third party. Speaking about the company's latest acquisition, BTC Digital CEO Alan Peng said:
“With recent acquisitions and plans to further increase the number of mining machines, we will continue to improve our financial conditions and increase value for our shareholders.”
It had a market cap of $3.1 million on September 28, hitting a low of $1.79 per share on September 26. On September 28, the token experienced a surge after the switch from METX to BTCT. At the time of writing, at $3.66.
What is the current valuation of the #bitcoin mining sector?
On average, public miners have a P/S ratio of 2.92. This level is likely to exceed 7 in the next bull market, pushing stock prices to new all-time highs. pic.twitter.com/jTb2MjfvCt
— Jaran Mellerud ⛏️ (@JMellerud) November 3, 2023
China in 2010 In the second half of 2021, she closed Bitcoin mining in the country, although her efforts were not completely successful.
Magazine: Bitcoin mining gets life in prison, China offers bounties to crypto firms: Asia Express
