China-based BTC Digital Expands Bitcoin Mining Fleet
BTC Digital, formerly known as Meten EdtechX Education Group, has announced the acquisition of 220 new Bitcoin mining units. This purchase brings the company’s total number of machines to 2,174, with a computing power of over 230 petahashes per second (PH/s). The newly acquired Bitmain Antminer S19j Pro units are expected to be operational by the end of the month.
The Deal Details
The deal was made with two unaffiliated third parties. In exchange for 276,572 shares of ordinary company stock valued at $968,800, BTC Digital obtained the mining units. The company made this announcement in a statement released on November 3.
About BTC Digital
BTC Digital is a Nasdaq-listed company and a leading provider of general English language training services in China. According to its website, the company operates learning centers nationwide and offers both online and metaverse training. However, a Reddit thread started in November 2022 indicated that BTC Digital had unexpectedly ceased its teaching operations.
Hot Take: BTC Digital’s Expansion Signals Confidence in Bitcoin Mining
With its recent acquisition of 220 new Bitcoin mining units, BTC Digital demonstrates its confidence in the profitability of Bitcoin mining. Despite concerns raised by the sudden halt of its teaching operations, the company’s focus on expanding its mining fleet suggests optimism in the potential returns from cryptocurrency mining activities.
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