BitPlanet Completes Acquisition of 1,204 Bitcoin Mining Rigs
Aiming to Mine More Than 7 BTC Per Month
KOSDAQ-listed BitPlanet has completed the acquisition of Bitcoin (BTC) mining hardware and is set to commence Bitcoin mining operations.
On September 9, BitPlanet announced in a regulatory filing that the physical asset acquisition deal, which was signed in June, has been successfully finalized.
The recently acquired mining equipment comprises a total of 1,204 units, including 454 units of the 'S21 XP Hydro' and 750 units of the 'S21e XP Hydro' — both of which are the latest mining rigs manufactured by Bitmain, the leading ASIC maker by global market share in mining equipment.
The total acquisition cost for the mining rigs is USD 9,999,228 (approximately KRW 1.34 billion). Following this transaction, BitPlanet's non-current assets (approximately KRW 6.23 billion) increased by 43.9% compared to before the asset acquisition. As a result, the company’s total assets (approximately KRW 7.28 billion) rose by 14.6%.
The mining equipment has been deployed in Oman in the Middle East and Paraguay in South America, both locations with low electricity costs and stable power supply. The company will begin its first phase of operations using a mix of outsourcing and joint venture models, aiming to mine 7 BTC per month and more than 84 BTC annually. The mined BTC will be recognized as revenue in accounting terms. According to a BitPlanet official, as the only listed company in Korea conducting mining business, BitPlanet has completed the necessary procedures with accounting, legal, and foreign exchange advisors.
Seonghun Lee, CEO of BitPlanet, stated, "Although there were some adjustments to the acquisition timeline, since there have been very few domestic precedents, we proceeded step by step, confirming everything from contract details to accounting, disclosures, and foreign exchange procedures, with legal and accounting guidance. We prioritized legal compliance and procedural completeness over speed."
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He went on to add, "Now that all related procedures have been completed, we will demonstrate our capabilities through stable facility operation and tangible operational results."
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