Meten Holding buys 200 Bitcoin miners for $880,000

The Nasdaq-listed Meten Holding announced the purchase of 200 Antminer S19j Pro ASIC miners. As stated in the press release.

The deal was paid for with METX stock worth $880,000. The devices are to be delivered and connected by July 31, 2023.

To date, Meten Holding has deployed 1,754 miners. With the addition of the new machines, the company’s hash rate will exceed 208 PH/s. The firm noted that it will continue to expand its cryptocurrency business, as mining will “provide financial stability and long-term growth.”

“Thanks to recent purchases and our plan to further increase the number of [ASIC miners], we aim to continue improving our financial position as well as maximize value for our shareholders,” said Alan Peng, Chief Executive Officer of Meten Holding Group.

Earlier, the American CleanSpark bought 45,000 devices for Bitcoin mining with Antminer S19 XP at a total cost of $144.9 million. Previously, the firm acquired 20,000 Antminer S19j Pro+ units.

Earlier, JPMorgan analysts described the upcoming halving in the Bitcoin network as a pivotal test for miners due to lower block rewards and higher costs.

In the second half of June, industry participants sent more than $1 billion worth of Bitcoin to exchanges, while setting daily inflow record for the asset.