Company reveals its plans for Bitcoin and explodes by 6,700% in the stock market

A 4 digit adSome investors are increasingly valuing companies that diversify their activities by engaging in mining. Bitcoin (BTC). This Thai company has largely benefited from this trust, which is however only based on mining on a relatively modest scale.

Jasmine Technology shares: a crazy bet at 8 BTC

The stock price of Thai technology company, Jasmine Technology, a checked in an increase of 6,700%, since the company revealed its bitcoin mining unit in late July 2021. Jasmine Technology has however mined only 8 BTC until today, with its 325 mining machines. The strong growth in the value of the company’s shares is therefore rather due to the optimism of investors, anticipating high profits from bitcoin mining in the future.

“The strong reaction from investors exceeded our expectations. There is bullish optimism towards our new direction, although this is only the beginning. »

Soraj Asavaprapha, President of Jasmine Technology

Thai company Jasmine Technology's stock price rises 6,700% after revealing its bitcoin (BTC) mining unit

Asavaprapha, however, plans to invest 3.3 billion baht, or about $98 million, to acquire no less than 7,000 mining machines. He estimates that “mining revenues will represent about 80% of the company’s total turnover by the end of 2022”.

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What profitability for bitcoin mining in Thailand in 2022?

Are Jasmine Technology shareholders right to be so optimistic about this bitcoin mining project? Bitcoin mining is relatively new in Thailand and exposes itself to regulatory risks. In particular, the Bank of Thailand plans to publish detailed rules governing digital assets.

Although Jasmine Technology executives believe that this regulatory framework will not affect their operations, the general public actually ignore whether these new rules will be repressive and thus hinder – or not – the proper functioning of the Jasmine Technology mining unit.

The mining of bitcoin necessarily leads to significant challenges to be met in terms of energy management for the countries concerned. Countries like Iran have had to ban mining during certain periods, in order to avoid general power cuts.

Did the shareholders of Jasmine Technology also take into account the risks of a decline in the profitability of mining in 2022, once the markets enter a bearish phase during this cycle?

Jasmine Technology is therefore betting on bitcoin, and its investors are supporting it in this process for the moment. It generally follows – but with differences in strategy implementation details – the path of MicroStrategy which has accumulated more than 122,000 BTC and which now plans to put that fortune to work.

The shareholders of Jasmine Technology therefore have faith in bitcoin, a confidence that is reflected in the impressive figures cited above. If you are also convinced of the future of bitcoin, and want to invest in it, Iregister now on FTX and benefit from a lifetime reduction on your trading fees (affiliate link, see conditions on official website)

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