BTC Digital is a network of English schools located in Shenzhen. It now owns mines in Pennsylvania and Tennessee
Chinese company BTC Digital announced on November 3 the purchase of 220 new Bitcoin (BTC) mining rigs for R$173,820, bringing the total number of machines to 2,174 with computing power of more than 230 petahashes per second (PH /s). The newly acquired project is expected to be operational by the end of this month.
According to a press release, the deal was reached with “two unrelated third parties” to acquire Bitmain Antminer S19j Pro devices in exchange for 276,572 shares of the company's common stock, valued at $968,800. BTC Digital was known as Meten EdtechX Education Group until it changed its name in August to “better reflect the company’s current business operations.”
According to the Nasdaq-listed company’s website, it is “one of China’s leading general English training service providers.” The company has learning centers across the country and offers online and Metaverse training, the website states. However, a Reddit post starting on November 11, 2021 suggests that the company has unexpectedly closed its teaching operations.
The company expanded its Bitcoin mining operations in late 2021, deploying 1,482 miners at the time, according to undated information on its website. Its mines are located in Pennsylvania and Tennessee, in the United States, and are operated by third parties. BTC Digital CEO Alan Peng said of the company's latest acquisition:
“Through recent purchases and our plans to further increase our number of mining rigs, we intend to continue to improve our financial position and maximize value for our shareholders.”
