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Arcane Crypto Orders First Batch of Mining Rigs
The Norwegian investment firm is entering crypto mining.
Updated May 11, 2023, 7:08 p.m. Published Sep 8, 2021, 9:19 a.m. 1 min read
Oslo-based Arcane Crypto ordered its first batch of Antminers to start mining crypto, the company said in a press release.
- The company purchased 352 Antminers s19 Pro, one of Bitmain’s latest models, through its subsidiary Arcane Green Data Services.
- The batch’s total computing power is 38,720 Th/s, andwill be operational during Q3 of this year. Company CEO Torbjørn Bull Jenssen expects the batch to bring in around SEK 3.5 million (US$407,000) of revenue per month, he said in the statement.
- Arcane Crypto will have enough hosting facilities to double its mining capacity in Q1 2022, and is exploring ways to expand its hosting capacity even further,
- Despite a rise in difficulty adjustment yesterday, mining revenues are expected to keep increasing.
- Arcane Crypto listed on Sweden’s Nasdaq First North stock exchange through a reverse takeover in February.
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The Ethereum treasury firm cut weekly purchases by more than 75% after the previous week's 112,000 ETH buying spree.
What to know:
- Bitmine purchased 26,497 ETH last week, worth about $53 million at current prices.
- The purchase pace slowed sharply from the prior week's 120,000 ETH acquisition.
- The firm now holds 5.42 million ETH, or 4.49% of Ethereum's circulating supply.
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