BTC Digital Buys 220 Additional Units For Bitcoin Mining

Bitcoin illustration (photo: BTC_archive)

JAKARTA - BTC Digital, based in China, announced the purchase of 220 additional units for Bitcoin mining on November 3. Now the total number of their engines is 2,174, with a computing power of more than 230 petahashes per second (PH/s). The new acquisition is expected to start operating by the end of this month.

This agreement was made with "two non-affiliated third parties" for the Bitmain Antminer S19j Pro unit instead with 276,572 shares of ordinary companies worth US$968,800 (Rp15.1 billion), in accordance with the official statement. BTC Digital was previously known as the Meten EdtechX Education Group to change its name in August which "better reflects current business operations."

According to the website of the company listed on Nasdaq, they are "leading general English language training service providers in China." The website claims that the company owns learning centers across the country and offers online training and in the metaverse. However, a Reddit thread that began on November 11, 2022, shows that the company suddenly stopped teaching operations.

The company began expanding into Bitcoin mining at the end of 2021 when they deployed 1,482 miners, according to an undated profile on their website. Mining was carried out in the states of Pennsylvania and Tennessee by third parties.

"With this latest purchase and our plan to continue to increase the number of mining machines, we aim to continue to improve our financial condition and maximize value for shareholders," said CEO of BTC Digital, Alan Peng.

On September 28, the company had a market cap of USD 3.1 million (IDR 48.3 billion), after hitting a low of USD 1.79 per share on September 26. Its shares experienced a spike in activity after its ticker symbol was changed from METX to BTCT on September 28. The shares had a value of USD 3.66 at the time of writing.

The Chinese government previously carried out a crackdown on domestic Bitcoin mining in the second half of 2021, although its efforts did not seem to be fully successful.