Meten Holding Acquires 200 Bitcoin Miners for $880,000

How does bitcoin mining work?
How does bitcoin mining work?

Nasdaq-listed Meten Holding has announced the purchase of 200 Antminer S19j Pro ASIC miners. This is stated in the press release.

The deal is paid for in METX shares in the amount of $880,000. The devices must be delivered and connected by July 31, 2023.

To date, Meten Holding has put 1754 miners into operation. With the advent of new machines, the company’s hashrate will exceed 208PH/s. The firm noted that it will continue to expand its cryptocurrency business, as mining will “ensure financial stability and long-term growth.”

“Thanks to recent purchases and our plan to further increase the number of [ASIC-майнеров]we are committed to continue improving our financial position as well as maximizing value for our shareholders,” said Meten Holding Group CEO Alan Peng.

Earlier, the American CleanSpark bought 45,000 Antminer S19 XP bitcoin mining devices for a total of $144.9 million. Before that, the company purchased 20,000 Antminer S19j Pro +.

Recall that JPMorgan analysts called the upcoming halving in the Bitcoin network a decisive test for miners due to lower block rewards and rising costs.

In the second half of June, industry participants sent more than $1 billion in the first cryptocurrency to exchanges, setting a daily record for the inflow of the asset along the way.

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