In the month after China’s crackdown on miners, Bitcoin’s hash rate has almost halved, data from mining pool BTC.com shows. With less competition from Chinese miners and an skyrocketing Bitcoin price, the remaining miners have steadily grown their profits.
Extraordinary numbers
Jasmine Technology, a Thai tech company, has posted some impressive numbers on its share price following the announcement of a Bitcoin mining unit. It is currently one of the best performing companies on the world market. As Bloomberg reports,
“Jasmine Technology Solution Pcl’s shares have more than tripled since the plan was announced in late July. Although the crypto project has not yet generated any significant income for the company. ”
The company has risen 6,700 percent of its shares this year after the announcement. The following diagram shows a similar profit.
Source: Bloomberg
Soraj Asavaprapha, chairman of the selected company,
“The strong response from investors exceeded our expectations. Our new direction is optimistic, even if this is just the beginning. ”
But here’s the interesting part. So far, Jasmine Technology has only generated 8 BTC from its 325 miners since it went live a few months ago. However, the president has big plans. He expects to get much more active next year thanks to a plan to invest about 3.3 billion baht ($ 98 million) in 7,000 new devices.
“Mining revenues will account for approximately 80% of the company’s total revenue by the end of 2022,” he said.
There is a problem?
Bitcoin mining is very new in Thailand. There are regulatory concerns.
It is well received by investors as a national frontrunner, but there are some regulatory risks. The Central Bank of Thailand plans to enact detailed rules on digital assets to protect the financial system and investors. However, corporate executives do not believe that this will affect their business operations.
Nevertheless, optimism cannot materialize. In Iran, one of the top regions for BTC mining, crypto mining operations are limited. Iranian energy transmission, distribution and manufacturing company Tavanir has asked crypto mining centers to cease operations this winter.
Why? Well, to prevent possible blackouts from power-hungry mining hardware. Additionally, Bitcoin mining profitability has been declining since November after a few very profitable months. Arcane research reports the same thing.
#Bitcoin Mining profits drop after the super profit drops.
The Antminer S19 currently has a cash flow per BTC of $ 39,000, a 36% decrease from its high of $ 60,000 in November.
From our weekly market report: https://t.co/1BRmx043AV pic.twitter.com/5MFpsbsEff
– Arcane Research (@ArcaneResearch) December 22, 2021
Well, 2021 is almost over and 2022 is drawing to a close. What can we expect from next year?