Thai tech firm Jasmine Technology has experienced a tremendous increase in its share price after it unveiled a bitcoin mining unit earlier this year. It’s currently among the top performers in the global market.
Jasmine Technology, a Thai tech firm that said in July 2021 that it would launch a bitcoin mining unit, has seen its shares outperform its peers in the global market. The company experienced a 6,700% increase in shares this year following the announcement, which is higher than any other tech firm on the market.
Jasmine Technology has not generated earnings from the mining operation, which makes the surge in valuation all the more surprising. Soraj Asavaprapha, the Chairman of the company, was also taken aback by the performance, saying,
The strong response from investors has exceeded our expectations. There’s bullish optimism toward our new direction, even though this is just the beginning.
The tech firm was already experiencing good growth before the announcement and then took off when the plan was revealed. Third-quarter earnings launched the share price up even further.
So far, Jasmine Technology has generated just 8 BTC, but the chairman said that next year will be a much more fruitful one. It plans to invest $98 million in 7,000 mining units. The mining operation will also be profitable as long as bitcoin’s price holds over $30,000.
Thailand is in the midst of regulating the cryptocurrency industry, but the company’s executives don’t believe that it will affect their operations. The country is one of many deliberating how to handle such businesses as bitcoin mining — and some governments are prohibiting it altogether.
Iran orders halt on bitcoin mining during winter
Iran is one such country that is limiting cryptocurrency mining operations. The Iran Power Generation, Distribution, and Transmission Company, Tavanir asked crypto mining centers to pause operations during winter to prevent possible blackouts. While it has been implementing these restrictions, it has also been working on a legal framework for crypto.
Iran has previously prohibited and then reallowed, mining operations in the country. In late Jul. 2021, the country outlawed bitcoin mining because of a power shortage crisis. The Iranian police also seized 7,000 mining rigs in a raid that was evidence of its strong position on crypto mining.
Countries like China have already banned crypto mining, while others like Sweden could potentially do the same. Many of these discussions have been precipitated by the environmental concerns surrounding mining.
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