Xiangtai Food Co., Ltd., a Nasdaq-listed Chinese food company has bought 686 spot Bitcoin miners that are worth US$6 million via its United States subsidiary called SonicHash LLC. While the mining operations would be continued in New York, the fact that the Chinese government has issued an all-out ban against crypto companies could brew some trouble for the firm back home.
By the end of January 2022, the freshly bought miners should be delivered to the Company’s mining facility location in Carthage, NY, in two to three weeks. As a result, once all miners are operational, the Company’s entire mining activities are estimated to consist of 1,428 Bitcoin miners, producing roughly 132.2 PH/s. Based on Bitcoin’s average price of US$49,628/BTC for the past month, the Company expects to make roughly US$11 million in revenue and US$7.7 million in cash contribution margin for the first year.
Recently, a District Court in Beijing rejected a plea of the plaintiff seeking compensation from a
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