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Thai Tech Company Jumped Nearly 7,000% After Switching to Bitcoin Mining, Despite Only Making 8 Coins So Far | Currency News | Financial and business news

Bitcoin
  • Thai company Jasmine Technology Solution announced an expansion in bitcoin mining in July.
  • The company has grown nearly 7,000% year-to-date, the largest among global technology companies with a market value of at least $2 billion.
  • Chairman Soraj Asavaprapha said the company will invest $98 million in more mining machinery next year.
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Jasmine Technology’s stock is up nearly 7,000% year-to-date after announcing its foray into bitcoin mining in late July, Bloomberg reports.

The company’s cryptocurrency project has yet to generate much revenue, but the 2021 stock surge is the largest among global tech companies valued at more than $2 billion, according to Bloomberg.

Jasmine Technology, which trades on Thailand’s Bangkok Stock Exchange, also sells telecommunications equipment and generated about $14.8 million in total revenue in its most recent quarter. It entered the crypto mining industry in July with 325 devices. And so far, it has only generated eight bitcoins.

Still, net profit in the first nine months of the year rose 436% from a year ago to $4.4 million, and the company will ramp up mining sharply.

In an interview with Bloomberg, Chairman Soraj Asavaprapha said the Thai company plans to invest around $98 million to build up to 7,000 new mining machines next year.

About 80% of the company’s total revenue will come from revenue generated from mining activity, which can generate profits as long as bitcoin stays above $30,000, he added. Bitcoin was trading at around $51,400 on Monday.

Crypto mining has continued to grow in popularity this year, and even some home miners say it’s a great opportunity to get in on the action. Enthusiasm from companies like Jasmine Technology Solution has grown despite data from Blockchain.com showing that 90% of all bitcoin has now been mined.