Bit Origin Is Expanding Its Crypto Mining Capacities

Bit Origin Limited, a growing company that has since expanded its horizons into the world of bitcoin and crypto mining, has announced its intention to purchase a just over 30 percent stake in a firm known as Horizon Mining Ltd. The company operates a crypto mining site in the city of Macon, Georgia.

Bit Origin Wants to Do a Lot More Mining

The goal is to further Bit Origin’s strategic development plans and increase the firm’s crypto mining capacity to a whopping 9.49 megawatts. Its hash rate could also jump to 316PH/s, meaning that as many as 40 individual bitcoin units will be mined every month at full capacity.

Lucas Wang – chief executive officer and chairman of Horizon Mining Ltd – stated in an interview:

The acquisition proposal of HML would be one of the most significant achievements in Bit Origin’s growth to date and a solid milestone to achieve the company’s development goal of becoming a leading bitcoin mining company once the transaction is completed. HML is a long-lasting strategic partner in the United States, and such an investment decision truly deepens our relationship for better collaborations in the future. The assets and sophisticated operation team from HML will create financial and operational synergies and diversify the company’s risk and revenue model to become a crypto mining operator and hosting service provider. We are excited to enter the mining hosting sector to further enhance our competitive advantages in mining operation expertise while expanding our landscape in the U.S.

He continued with:

We are extremely excited about the potential opportunity to collaborate with Bit Origin in our Georgia facility, as both parties share a vision for the future of bitcoin mining in the United States. The resources Bit Origin brings, combined with our strength in mining operation, would allow us to achieve a shared growth potential.

Crypto Mining Still Hits Many Targets

Bit Origin is by no means a large company. In fact, the acquisition in question would only bring the firm’s overall valuation to just over $4.2 million. However, this is all part of Bit Origin’s growth strategy, and it foresees many doors being opened now that it’s expanding its breadth in the crypto mining world. The company expects the acquisition to be fully complete within the next few months. Representatives also say further information will be disclosed through a filing with the Securities and Exchange Commission (SEC) soon.

Even during times of economic strife and the ongoing crypto crash, the news is being looked at as a breath of fresh air. The idea is that crypto mining still rings bells with investors and institutional players alike, suggesting that while prices are down for the count, the crypto space is still looked at with great regard. Overall, assets like bitcoin have lost more than 50 percent of their value in the last few months.

Source: Read Full Article