China Xiangtai Agrees To Purchase Bitcoin Miners To Boost Hash Rate
$PLIN
Meat/Poultry/Fish
Consumer Non-Durables
- China Xiangtai Food Co Ltd (NASDAQ:PLIN) said its U.S. subsidiary, SonicHash LLC, has entered into sales and purchase agreements with two global Bitcoin mining hardware suppliers to purchase 2200 Bitcoin miners for about $13 million.
- The company's new miners have hash rates of 92 and 98 TH/s and are expected to ramp up the total hash rate of the company's miner fleet by over 209 PH/s.
- The new miners are expected to be delivered to the company's mining facility site in the U.S. by April 30, 2022. Upon delivery, the company's mining operation will consist of 3,628 Bitcoin miners producing 341.2 PH/s when operating at full capacity.
- China Xiangtai expects to generate about $21.5 million in revenue and $13.5 million in cash contribution margin in the next 12 months.
- Price Action: PLIN shares are trading higher by 1.78% at $1.14 on the last check Monday.