BTC Digital of China announced the acquisition of 220 additional Bitcoin mining units, bringing its total machine count to 2,174, each with more than 230PH/s of processing capacity.
The transaction reportedly involved “two unaffiliated third parties” and Bitmain Antminer S19j Pro units. In return, the parties exchanged 276,572 common company stock units worth $968,800, according to a company statement. It is anticipated that the newly acquired entities will be put into operation by the conclusion of the current month.
August marked the rebranding of BTC Digital from Meten EdtechX Education Group to BTC Digital, which “more accurately reflects the organization’s present business activities.”
The website of the Nasdaq-listed company states that it is “China’s preeminent provider of general English language training services.”
According to the website, the organization allegedly operates learning centers nationwide and provides instruction via the Internet and the metaverse. Conversely, a Reddit thread initiated on November 11, 2022, reported that the organization had abruptly ceased teaching operations.
The organization entered the Bitcoin mining sector after 2021, as stated in an undated profile on its website, which details the deployment of 1,482 miners.
A third entity oversaw its mining operations in the U.S. states of Pennsylvania and Tennessee. The CEO of BTC Digital, Alan Peng, commented on the organization’s most recent acquisition:
“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.”
As of September 28, its market capitalization stood at $3.1 million, plummeting to $1.79 per share on September 26. The exchange of its ticker symbol from METX to BTCT on September 28 sparked a significant upswing in activity. The valuation of shares is $3.66 as of the time of writing.
In the latter part of 2021, China implemented stringent measures to suppress Bitcoin mining activities within its borders, albeit with mediocre results.
