BitPlanet Acquires 1,204 Bitcoin Miners for $9.99 Million

BitPlanet, a Kosdaq-listed company, has completed its acquisition of 1,204 BTC miners for around $10 million. The equipment will be deployed at bases in Oman and Paraguay through a combination of outsourced operations and joint ventures.

The acquired machines consist of 454 units of Bitmain's S21 XP Hydro and 750 units of S21e XP Hydro, with a total maximum hash rate of 473 terahashes and power efficiency of 12 to 13 joules per terahash. The company is targeting the mining of seven BTC a month and more than 84 BTC a year.

BitPlanet plans to recognize mined BTC as revenue for accounting purposes, according to CEO Lee Sung-hoon. He stated that the company proceeded with legal and accounting advice on matters ranging from contract terms to accounting treatment, disclosures, and foreign-exchange procedures due to the lack of sufficient domestic precedents.