Why This Team of Ninjas Is Tripling Down on Mining Bitcoin

In brief

• NIP Group, which owns esports team Ninjas in Pyjamas, has bought a third batch of Bitcoin miners in exchange for more than 247 million shares.
• The company says it now has roughly 13.85 EH/s of capacity, enough to mine around 195 Bitcoin a month, or $2.8 million at today's prices.
• The CEO told Decrypt the company could shift capacity to AI computing if the returns beat mining.

Ninjas in Pyjamas Group, the company behind the legendary esports team, has acquired a third batch of Bitcoin miners in exchange for over 247 million Class A ordinary shares. 

Hicham Chahine, the founder and CEO of NIP Group, told Decrypt that he wants to bet on Bitcoin mining while the market is "cooling," rather than when it's hot and competition is higher. He added that the facilities could be used for artificial intelligence in the future.

"Now that this tranche is closed, we're at roughly 13.85 EH/s. That puts us among the largest publicly listed miners in the world, roughly 195 Bitcoin a month," Chahine said. "That's real revenue, and it supports everything else we're building. This year we reviewed every single piece of NIP Group, not just mining. We made decisions with one goal: better margins and a clear path to profitability. Mining had to earn its place in that review, and it did."