SINGAPORE - BTC Digital Ltd. (NASDAQ: BTCT), a prominent figure in Bitcoin mining with a market capitalization of $60.6 million, has announced the forthcoming addition of 2,000 BITMAIN T21 miners to its North American operations. The company's stock has shown remarkable momentum, surging over 580% in the past six months. This strategic move is expected to significantly ramp up the company's hash rate capacity to 600 petahashes, nearly tripling its current output.According to InvestingPro, BTCT exhibits high price volatility and often moves counter to market trends, with 10 additional exclusive insights available to subscribers.
The T21 miners are lauded for their superior computational power and energy efficiency, with each unit delivering 190 terahashes and consuming 3610 watts. While BTCT's revenue stands at $8.48 million for the last twelve months, the company is streamlining the deployment process, focusing on detailed logistics, equipment installation, and network optimization to ensure the miners are fully operational within the next three to six months.
Once the T21 miners are online, BTCT anticipates a considerable boost in its mining efficiency and competitiveness, which will likely increase Bitcoin production and reinforce its position in the global cryptocurrency mining industry.
The CEO of BTCT expressed confidence in the deployment as a critical milestone for the company's growth, emphasizing the potential value creation from these advanced devices. BTCT's commitment to technological innovation and strategic expansion is poised to generate more opportunities and returns for its investors.
BTC Digital Ltd. is a blockchain technology company with a strategic focus on the metaverse, blockchain, and cryptocurrency mining sectors. The company is devoted to developing related businesses in North America, which includes cryptocurrency mining, mining farm construction, mining pool operations, data center operation, and the miner accessories business.
This initiative is part of BTCT's broader strategy to maintain a competitive edge through partnerships and innovation in the cryptocurrency market. The information in this article is based on a press release statement.
In other recent news, BTC Digital Ltd. has announced a series of significant moves in the cryptocurrency mining industry. The company has revealed plans to expand its business across Arkansas, Tennessee, Georgia, and Missouri, focusing on sustainable energy sources to meet the growing demand for computational power. This expansion strategy includes the evaluation of potential sites for new facilities, acquisition of existing operations, and forming joint ventures to secure a stable energy supply.
In addition to its expansion plans, BTC Digital has secured agreements to host and manage 1,100 Bitcoin mining machines for Recte Technologies Company Limited and ASIA INVESTMENT FUND SP2. The company will deploy ANTMINER T21 and ANTMINER L7 models in the United States, providing hosting, management, and technical support.
BTC Digital has also increased its stake in a cryptocurrency mining venture by acquiring an additional 5.23% equity interest, valued at approximately $1,050,400. The details of the joint venture's operations and future plans have not been disclosed.
In other developments, the company's shareholders ratified Audit Alliance LLP as its independent registered public accounting firm for the fiscal year ending December 31, 2024. They also approved the issuance of at least 600,000 ordinary shares through one or more non-public offerings. These moves reflect the shareholders' confidence in the company's current strategy and accounting oversight.
These recent developments are part of BTC Digital's strategic focus on value creation across the metaverse, blockchain, and cryptocurrency mining industry. The company has committed to developing blockchain-related businesses in North America, signaling a potential long-term stable partnership with its clients.
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