Bitcoin mining is a subject that has raised concerns this year. A world-leading share rally led by the Thai tech company value firm after its announcement. An expansion to Bitcoin mining has shocked even the chairman of the company. The process of mining the most popular cryptocurrency has remained controversial because of climatic issues.
Additionally, China also crackdown on mining companies operating within the region. In addition, based on information from BTC.com mining pool we’ve also observed that the hash rate nearly halved. In fact, as competition decreased mining pools saw a significant rise in profits. Thus that a Thai technology company recorded remarkable figures in its share price when it launched a BTC minting machine.
Jasmine Technology Solution Pcl stock has more than doubled since the announcement in July. However, the cryptocurrency plan is yet to yield substantial profits for the company. The year-to-date increase in shares has been nearly 7000%. Which is the highest among technology companies across the globe that have a market capitalization of at least $2 billion according to the data.
"The strong response from investors has exceeded our expectations," Chairman Soraj Asavaprapha told me during an interview. "There's bullish optimism toward our new direction even though this is just the beginning."
Jasmine Technology Sees Many Impressive Things
Jasmine Technology, a Thai tech company value post significant increases in its share prices due to its recently unveiled Greenidge Bitcoin mining subsidiary. Globally Jasmine Technology is among the best performers. According to a report released by Bloomberg the stock of the company. And more than doubled since the announcement of substantial earnings figures for the company.
It is interesting to note that since the start of the year, the share of the company has increased by over 6700% . As per Soraj Asavaprapha who is the chairman of the company The overwhelming response from investors is far beyond our expectations. Additionally, there is optimistic optimism for their new direction, even though they are at an infancy stage.
Bitcoin Mining is Something New for Thai Tech Company
In Thailand mining companies are facing a few issues with the law due to a lack of and clarity. The industry has received positive feedback from investors because it is the country’s first. Additionally, in order to safeguard the financial system as well as investors as well, The Bank of Thailand, unveiled plans to publish detailed guidelines that govern the cryptocurrency.
While optimism may not be realistic, since Iran is one of the most important Bitcoin mining areas has recently been slowing down these operations. As per Tavanir The Iranian Power Generation, Distribution, and Transmission company, Bitcoin mining seems to stop operations in the winter. Actually, stopping such operations will help the region stop blackouts that could be caused by the heavy-power mining rigs.
Not Much Influence on the Value of Thai Tech Company
Jasmine Technology has used 325 mining equipments for Bitcoin mining since it started its operations just a couple of months ago. But it’s significant that the company managed to accumulate just 8 coins.
Soraj has larger plans, and anticipates that the coming year will be more active, and fueled with plans to spend around $98 million to purchase more 7k new drilling rigs. Soraj declares that the earnings from the mining division could be about 80percent of the company’s total turnover.