China’s BTC Digital Bolsters Bitcoin Mining Capability with 220 Units – Crypto Mining Making a Comeback?

BTC Digital, a Chinese Bitcoin mining firm with operations in the US, has announced the purchase of 220 Bitmain Antminer S19j Pro Bitcoin mining machines, bolstering its Bitcoin mining capabilities.

According to an announcement from the firm, the machines, which are set to be delivered and operational by the end of November 2023. As part of the payment for the machines, the sellers received 276,572 ordinary shares of BTC Digital at a value of $968,800.

With the acquisition, BTC Digital will operate a total of 2,174 Bitcoin mining machines with a combined computing power exceeding 230 PH/s.

The new machines come in addition to the 1,954 mining machines they already have in operation in the US states of Pennsylvania and Tennessee.

The announcement also said the purchases align with BTC Digital’s commitment to developing blockchain-related businesses in North America, encompassing crypto mining, mining farm construction, mining pool operation, and data center management.

“We are excited to see the progress we have made so far and the potential for our cryptocurrency business to grow in the long term, Alan Peng, CEO of BTC Digital, said in a statement, while adding:

“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.”

Previous English teaching business in China

Formerly known as Meten EdtechX Education Group, BTC Digital recently transitioned from being an English teaching business in China to Bitcoin mining in the US.

The website BTC Digital’s announcement links to still presents the company name as Meten, which it calls “a leading general English language training service provider in China.”

BTC Digital is publicly traded in the US, listed on Nasdaq under the ticker BTCT and with a market capitalization of just $3.35 million.