Westend61
- Thai company Jasmine Technology Solution announced an expansion into bitcoin mining in July.
- The company has recovered nearly 7,000% so far this year, the most among global tech companies with a market value of at least $ 2 billion.
- President Soraj Asavaprapha said the company will invest $ 98 million in more mining machines next year.
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Shares in Jasmine Technology have rallied nearly 7,000% so far this year after announcing its foray into bitcoin mining in late July, Bloomberg reports.
The company's cryptocurrency project has yet to generate much revenue, but the share surge in 2021 is the highest among global tech companies valued at more than $ 2 billion, according to Bloomberg.
Jasmine Technology, listed on Thailand's Bangkok Stock Exchange, also sells telecommunications equipment and generated about $ 14.8 million in total revenue in its most recent quarter. It entered the crypto mining sector in July with 325 devices. And so far, it has only generated eight bitcoins.
Still, net revenue for the first nine months of the year was up 436% from the prior year to $ 4.4 million, and the company will dramatically increase mining.
In an interview with Bloomberg, President Soraj Asavaprapha said the Thai firm plans to invest around $ 98 million to build up to 7,000 new mining machines next year.
About 80% of the company's total turnover will come from revenue generated by the mining business, which can be profitable as long as bitcoin stays above $ 30,000, he added. Bitcoin was trading at around $ 51,400 on Monday.
Cryptocurrency mining has continued to gain popularity this year, and even some miners at home say it's a great opportunity to jump into action. Enthusiasm from companies like Jasmine Technology Solution has risen despite data from Blockchain.com showing that 90% of all bitcoins have already been mined.
