BitPlanet Completes Acquisition of 1,204 Bitcoin Miners, Targets 84 BTC a Year

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BitPlanet, a Kosdaq-listed company, has completed the acquisition of 1,204 Bitcoin miners and is launching its mining business in earnest.

According to a regulatory filing disclosed on September 9, the company completed the tangible-asset acquisition deal it signed in June. The total purchase price was $9,999,228.

The acquired equipment consists of 454 units of Bitmain's S21 XP Hydro and 750 units of S21e XP Hydro, for a total of 1,204 machines. The equipment has a maximum hash rate of 473 terahashes and power efficiency of 12 to 13 joules per terahash.

The miners have been deployed at bases in Oman and Paraguay. BitPlanet said it plans to operate the equipment through a combination of outsourced operations and joint ventures. The company is targeting the mining of seven Bitcoin a month and more than 84 a year. It plans to recognize mined Bitcoin as revenue for accounting purposes.

Chief Executive Officer Lee Sung-hoon said the company proceeded with legal and accounting advice on matters ranging from contract terms to accounting treatment, disclosures and foreign-exchange procedures, given the lack of sufficient domestic precedents. Now that the relevant procedures have been completed, he said the company aims to demonstrate the business through stable equipment operations and tangible operating results.