BitPlanet buys 1,204 rigs for Bitcoin mining

• BitPlanet has completed a US$9.99 million purchase of 1,204 Bitcoin mining rigs.
• The machines have been deployed in Oman and Paraguay, with 0.86 EH/s of total computing power.
• BitPlanet is targeting seven Bitcoin per month and more than 84 Bitcoin per year.

BitPlanet has completed a US$9.99 million purchase of 1,204 Bitcoin mining rigs.

The KOSDAQ-listed company has deployed the machines in Oman and Paraguay for its first mining operations.

“Now that all related procedures have been completed, we will demonstrate our capabilities through stable facility operation and tangible operational results,” said BitPlanet CEO Seonghun Lee.

The equipment includes 454 S21 XP Hydro rigs and 750 S21e XP Hydro rigs from Bitmain.

BitPlanet is targeting seven Bitcoin (CRYPTO:BTC) per month and more than 84 BTC annually from the fleet.

The company has said it will use outsourced operations and joint ventures during the first phase of mining.

BitPlanet plans to recognise mined Bitcoin as revenue, adding mining to its existing systems integration business.

At the time of reporting, Bitcoin price was $76,605.56.