BTC Digital Expands Bitcoin Mining Fleet With 220 Units in China

BTC Digital entered the Bitcoin mining sector in 2021, deploying 1,482 miners through a third party in Pennsylvania and Tennessee, USA.

BTC Digital Expands Bitcoin Mining Fleet With 220 Units in China
BTC Digital Expands Bitcoin Mining Fleet With 220 Units in China

BTC Digital of China announced on November 3 the acquisition of 220 additional Bitcoin mining units, bringing its total machine count to 2,174, each of which possesses more than 230 PH/s of processing capacity.

It is anticipated that the newly acquired entities will be put into operation by the conclusion of the current month.

A statement states that “two unaffiliated third parties” were compensated for the Bitmain Antminer S19j Pro units in exchange for 276,572 shares of common company stock with a value of $968,800.

Before August, BTC Digital was referred to as Meten EdtechX Education Group, the name change was made to “more accurately reflect the current business operations of the company.”

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 across the nation and provides instruction via the Internet and the metaverse.

“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.”

Conversely, a Reddit thread that was 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.

Its mining operations were delegated to a third party and were situated in Pennsylvania and Tennessee, United States of America.

The CEO of BTC Digital, Alan Peng, commented on the organization’s most recent acquisition. As of September 28th, its market capitalization stood at $3.1 million, having plummeted to $1.79 per share on September 26th.

Since September 28, when its ticker symbol was changed from METX to BTCT, it has witnessed a surge 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 middling results.