Thai Tech Firm’s Bitcoin Mining Operation Leads to 6,700% Stock Price Growth

Thai Tech Firm’s Bitcoin Mining Operation Leads to 6,700% Stock Price Growth

Thai tech agency Jasmine Technology has skilled an amazing improve in its share worth after it unveiled a bitcoin mining unit earlier this yr. It’s presently among the many high performers within the world market.

Jasmine Technology, a Thai tech agency that mentioned in July 2021 that it could launch a bitcoin mining unit, has seen its shares outperform its friends within the world market. The firm experienced a 6,700% improve in shares this yr following the announcement, which is larger than some other tech agency in the marketplace.

Jasmine Technology has not generated earnings from the mining operation, which makes the surge in valuation all of the extra stunning. Soraj Asavaprapha, the Chairman of the corporate, was additionally shocked by the efficiency, saying,

The sturdy response from buyers has exceeded our expectations. There’s bullish optimism towards our new course, though that is just the start.

The tech agency was already experiencing good progress earlier than the announcement after which took off when the plan was revealed. Third-quarter earnings launched the share worth up even additional.

So far, Jasmine Technology has generated simply 8 BTC, however the chairman mentioned that subsequent yr might be a way more fruitful one. It plans to make investments $98 million in 7,000 mining items. The mining operation may even be worthwhile so long as bitcoin’s worth holds over $30,000.

Thailand is within the midst of regulating the cryptocurrency trade, however the firm’s executives don’t imagine that it’s going to have an effect on their operations. The nation is one in every of many deliberating how to deal with such companies as bitcoin mining — and a few governments are prohibiting it altogether.

Iran orders halt on bitcoin mining throughout winter

Iran is one such nation that’s limiting cryptocurrency mining operations. The Iran Power Generation, Distribution, and Transmission Company, Tavanir asked crypto mining facilities to pause operations throughout winter to stop doable blackouts. While it has been implementing these restrictions, it has additionally been engaged on a authorized framework for crypto.

Iran has beforehand prohibited after which reallowed, mining operations within the nation. In late Jul. 2021, the nation outlawed bitcoin mining due to an influence scarcity disaster. The Iranian police additionally seized 7,000 mining rigs in a raid that was proof of its sturdy place on crypto mining.

Countries like China have already banned crypto mining, whereas others like Sweden may doubtlessly do the identical. Many of those discussions have been precipitated by the environmental considerations surrounding mining.

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