7,000 % increase of a Thai tech business after mining just 8 coins
Even the company’s chairman was shocked by a world-beating share jump when it announced an expansion into Bitcoin mining. The shares of Jasmine Technology Solution Pcl has more than quadrupled since the announcement in late July, despite the cryptocurrency project’s lack of revenues.
According to Bloomberg, the stock has risen about 7,000 percent year-to-date, the biggest among global IT businesses valued at $2 billion or more.
Jasmine Technology sells telecom equipment and made over $14.8 million in revenue in its most recent quarter. It launched 325 crypto mining equipment in July. And it’s only generated 8 bitcoins. Still, net income for the first nine months of the year was up 436 percent to $4.4 million, and mining will be accelerated.
Chairman Soraj Asavaprapha told Bloomberg that the Thai business aims to invest $98 million in up to 7,000 new mining machines next year. As long as bitcoin stays over $30,000, the mining operation will earn around 80% of the company’s total income. On Monday, bitcoin was at $51,400.
Crypto mining has gained popularity this year, and some at-home miners think it’s a wonderful time to get involved. Despite the fact that 90% of all bitcoins have been mined, organisations like Jasmine Technology Solution are ecstatic.