Tuesday, June 28, 2022

Thai tech firm surged nearly 7000% after Bitcoin mining entry

Shares of Jasmine Technology have risen nearly 7,000 percent since the start of this year. The price surge accelerated after the company announced at the end of July that it would focus on mining bitcoins, reports Bloomberg.

The Thai company’s crypto project has not seen much revenue in recent months, but its share gains are the largest among global tech companies worth more than $2 billion, according to Bloomberg. The current market cap of Jasmine Technology is approximately $2.7 billion.

Jasmine Technology, which is listed on the Bangkok Stock Exchange in Thailand, also sells telecom equipment. The company started last July with 325 computers that mine bitcoins. So far, it has generated eight bitcoins.

The 8 bitcoins have a total value of approximately $400,000 at the current bitcoin price of approximately $50,000. However, Jasmine Technology’s stock market cap has increased by about $2 billion since July.

The company says it will start mining more bitcoins. In an interview with Bloomberg, chairman Soraj Asavaprapha said the Thai company plans to invest about $98 million in (7,000 new) Bitcoin mining computers next year.

About 80 percent of the company’s total revenue will come from revenue generated by its Bitcoin business. According to Soraj Asavaprapha, those can be profitable as long as BTC remains above $30,000.

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