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SINGAPORE - BTC Digital Ltd. (NASDAQ: BTCT), a blockchain technology company valued at $27.5 million, has expanded its cryptocurrency mining operations with the addition of new mining equipment. The company, which maintains a strong balance sheet with more cash than debt and a healthy current ratio of 27.5x, has demonstrated significant growth with an 89% return over the past year according to InvestingPro data. The company has deployed 400 Bitmain Antminer T21 machines to increase its Bitcoin mining hash rate by approximately 76 PH/s. Concurrently, BTCT has also introduced 24 Bitmain Antminer L9 machines, enhancing its Litecoin mining capacity by an additional 380 GH/s.
The newly added T21 miners are capable of delivering up to 190 TH/s each and are equipped with an advanced air-cooling system for efficient heat dissipation. This expansion signifies BTCT’s commitment to growing its Bitcoin mining capabilities. The company generated revenue of $11.7 million in the last twelve months, though InvestingPro analysis indicates analysts expect sales to decline in the current year.
BTCT is also venturing into Litecoin mining with the installation of L9 miners, each providing about 16 GH/s and supporting the Scrypt algorithm, which is also used for mining other cryptocurrencies such as DOGE. The company plans to scale up its Litecoin mining operations shortly.
Siguang Peng, the CEO of BTC Digital Ltd., stated that this enhancement of mining capacity is a strategic move to improve the productivity and revenue stability of the company’s self-operated mining farms, setting the stage for future large-scale expansion.
BTC Digital Ltd. focuses on several facets of the blockchain industry, including cryptocurrency mining, mining farm construction, and data center operations in North America. The company aims to create value across the metaverse and cryptocurrency mining sectors.
This press release contains forward-looking statements, and it’s important to note that actual results could differ materially from those projected in any forward-looking statements due to various risks and uncertainties. Currently trading at 0.69x book value, BTCT appears undervalued based on InvestingPro’s Fair Value analysis. Investors seeking deeper insights can access 14 additional ProTips and comprehensive financial metrics through InvestingPro’s advanced analytics platform. The information in this article is based on a press release statement from BTC Digital Ltd.
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