Korea's First Regulated Bitcoin Treasury Starts Mining Its Own Coins

BitPlanet, Korea's first regulated Bitcoin treasury company, has shifted from buying coins to producing them. The company paid $9,999,228 for 1,204 Bitmain hydro-cooled rigs, which are now operational in Oman and Paraguay. These rigs have a combined hash rate of approximately 0.86 EH/s, which could produce nearly double the company's monthly Bitcoin target at current difficulty.

The company holds 300 BTC, aiming to reach 10,000 BTC. Mined coins will be booked as revenue, allowing the company to grow faster than buying coins at market rates. CEO Lee Sung-hoon stated that outside lawyers and accountants were needed due to a lack of domestic precedent for such contracts and disclosures.

The rigs are split between Omani gas and Paraguayan hydro power, hedging energy and political risks. The company bought hashrate during a time when the industry was offloading it, and their rigs would be among the last switched off if margins compress.