Blockchain News

China Xiangtai Food Co., Ltd. to Purchase 686 Spot Bitcoin Miners with Total Hash Rate of 63,000 TH/s

China Xiangtai Food Co., Ltd. to Purchase 686 Spot Bitcoin Miners with Total Hash Rate of 63,000 TH/s

Xiangtai Food Co., Ltd., an emerging growth company engaged in agricultural business with a diversified expansion strategy, announced that the Company, through its U.S. subsidiary SonicHash LLC, has entered into a purchase agreement with a global Bitcoin mining hardware company to purchase 686 spot Bitcoin miners that are worth US$6 million. The top-tier newly manufactured miner with a hash rate of 92 TH/s are expected to ramp up the hash rate of the Company’s miner fleet by over 63,000 TH/s.

PREDICTIONS SERIES BANNER

According to the Agreement, the newly purchased miners are expected to be delivered in two to three weeks to the Company’s mining facility site in Carthage, NY by the end of January 2022. As a result, the Company’s total mining operations are expected to consist of 1,428 Bitcoin miners, producing approximately 132.2 PH/s once all miners are put in full operation. The Company expects to generate approximately US$11 million in revenue and US$7.7 million in cash contribution margin for the first year, based upon the Bitcoin’s average price at US$49,628/BTC for the past month.

Latest Fintech News: Fractal Announces US$ 360 Million Investment From TPG

Dr. Erick Rengifo, CSO of the Company said: “We are pleased to secure miners ahead of our peers with the help of spot purchase agreement. It is a strategic move that we are seeking new channel in our procurement strategy and diversifying our access to miners. We believe the newly purchased miners would quickly expand our mining scale and bring exceptional performance for our future growth. We look forward to strengthening the business relationship with more purchase orders in the near future.”

Latest Fintech News: Corporate Insight Predicts Contactless Payments Will Continue to Gain Ground in 2022

About China Xiangtai Food Co., Ltd.

China Xiangtai Food Co., Ltd., engages in agricultural business. The Company is actively deploying emerging technologies including crypto asset mining and blockchain technologies with diversified expansion strategy. The current operations are in the United States, Canada and China.

Latest Fintech News: LPL Financial Welcomes Elite Financial Network

[To share your insights with us, please write to sghosh@martechseries.com]

Related posts

RADAR Secures $30 Million in Series A Funding Round Led by Align Ventures

Business Wire

Delchain Launches Custody Support Service for NFTs

Fintech News Desk

GLORY Partners with QikServe Providing Convenient Kiosk Ordering and Cash Handling Automation

Business Wire
1