Summary
- China Xiangtai Food has agreed to buy 686 spot Bitcoin miners for US$6 million from a worldwide Bitcoin mining hardware firm via its US subsidiary SonicHash LLC.
- When fully operational, the Company’s mining operations will consist of 1,428 Bitcoin miners, each producing around 132.2 PH/s.
- China Xiangtai Food Co., Ltd. is a Chinese agricultural company.
Chinese agricultural company focused on diversified expansion, today announced that it has entered into a purchase agreement with a global Bitcoin mining hardware company to purchase 686 spot Bitcoin miners for US$6 million through its U.S. subsidiary SonicHash LLC.
China Xiangtai Food Co., Ltd. is an agricultural enterprise that operates in China. The company is actively deploying emerging technologies such as crypto asset mining and blockchain technology as part of its broad expansion strategy.
Its operations are currently concentrated in the United States, Canada, and China, among other places.
By the end of January 2022, according to the terms of the deal, the newly purchased miners will be transported to the Company’s mining facility location in Carthage, New York, which will take two to three weeks.
The hash rate of the top-tier freshly manufactured miner, which is 92 TH/s, is expected to increase the hash rate of the Company’s miner fleet by more than 63,000 TH/s, according to the company.
As a result, once all miners are fully operational, the Company’s total mining operations are expected to consist of 1,428 Bitcoin miners, each of which will produce about 132.2 PH/s of output.
In the first year, the Company plans to generate approximately US$11 million in revenue and US$7.7 million in cash contribution margin based on the average price of Bitcoin for the previous month of US$49,628/BTC.
Dr. Erick Rengifo, the company’s chief scientific officer, stated:
“The assistance of a spot purchase agreement enabled us to secure miners before our competition. As a strategic step, we are expanding our access to miners and identifying alternative avenues for our procurement strategy. We believe that the freshly purchased miners will significantly increase our mining scale and deliver excellent performance for our future expansion. We aim to further enhance our commercial partnership in the near future by placing a6dditional purchase orders with the company.”
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