PLIN - China Xiangtai Food to purchase Bitcoin miners for ~$13M

China Xiangtai Food (NASDAQ:PLIN), through its U.S. unit SonicHash, entered into sales and purchase agreements with 2 global Bitcoin mining hardware suppliers to purchase 2200 Bitcoin miners for ~$13M. The new miners have hash rates of 92 and 98 TH/s and are expected to ramp up the total hash rate of PLIN's miner fleet by over 209 PH/s. The newly purchased 2200 miners are expected to be delivered to PLIN's mining facility site in the U.S. by Apr. 30. Upon delivery, PLIN's mining operation is expected to consist of 3.6K Bitcoin miners producing ~341.2 PH/s when operating at full capacity. PLIN expects to generate ~$21.5M in revenue and $13.5M in cash contribution margin in the next 12 months, based on Bitcoin’s average price at $43.6K/BTC over the past week.

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China Xiangtai Food to purchase Bitcoin miners for ~$13M