BitPlanet Turns Korea’s First Bitcoin Treasury Into a Bitcoin Producer

Key Takeaways

• BitPlanet paid $9,999,228 (about ₩13.4 billion) for 1,204 Bitmain hydro-cooled rigs, now live in Oman and Paraguay.
• The 0.86 EH/s fleet could produce nearly double its 7 $BTC monthly target at current difficulty; the guidance looks net of costs.
• Korea’s first regulated Bitcoin treasury company is shifting from buying coins to producing them, with mined $BTC booked as revenue.

Why a treasury company stopped paying spot

A corporate Bitcoin treasury grows only as fast as it can raise cash and buy at market. BitPlanet, the former SGA Co. bought out by a Sora Ventures-led consortium a year ago this week, holds 300 $BTC at last count against a 10,000 $BTC ambition. Wednesday’s filing adds a second engine. Mined coins will be booked as revenue, and CEO Lee Sung-hoon said outside lawyers and accountants were needed on contracts, disclosures and currency procedures for lack of domestic precedent. Other KOSDAQ names will copy that template.

The fleet, by the numbers

The 454 S21 XP Hydro (473 TH/s) and 750 S21e XP Hydro (860 TH/s) units deliver roughly 860 PH/s, about 0.09% of a network running near 930 EH/s. At current difficulty, that is nearly 13 $BTC a month at full uptime. BitPlanet is guiding to 7. The gap likely reflects hosting fees, joint-venture splits and downtime: management is quoting net output.