Bitplanet Acquires 1,204 Bitmain Mining Rigs, Targets 7 BTC Monthly

Bitplanet, a KOSDAQ-listed company in South Korea, has acquired 1,204 of Bitmain's latest Bitcoin mining rigs, worth approximately $9.99 million. The company plans to deploy these high-performance machines at facilities in Oman and Paraguay, where electricity costs are low, with the goal of producing around 7 BTC per month.

The S21 XP Hydro series used by Bitplanet boasts hash rates of up to 473 TH/s with power efficiency in the range of 12-13 J/T. This represents a significant investment for the company, which will see its non-current assets increase by 43.9% and total assets rise by 14.6%. Mined Bitcoin will be recognized as revenue under Bitplanet's accounting policies.

Bitplanet's CEO, Lee Seong-hoon, emphasized that the acquisition process was carefully managed to ensure compliance with listed-company standards, taking into account the lack of precedents in South Korea. The company views this mining venture not only as a means to generate revenue but also as an opportunity to expand into AI data center operations in the future.