Year-to-date, bitcoin’s dominance (bitcoin market value/total digital asset market value; figure 3) has declined from 70% to 43% at the time of writing this report — with a temporary low of 40% in May. The decline in dominance is significantly contributed by the earlier mentioned growth of Layer 1 protocols and their tokens. Total adjusted on-chain volume (on a public blockchain), which is a proxy for economic throughput, reached a record $7.5 trillion between Bitcoin and Ethereum in 2021, a 435% increase from the previous year. Overall, Bitcoin’s on-chain volume increased by 317% year-on-year (from $1 trillion in 2020 to $4.2 trillion in 2021), while Ethereum’s on-chain volume increased by 729% year-on-year (from $403 billion to $3.3 trillion).
China Xiangtai Food Co. Ltd. (NASDAQ: PLIN) BREAKING NEWS – China Xiangtai Food Co., Ltd. to Purchase 686 Spot Bitcoin Miners with Total Hash Rate of 63,000 TH/s – China Xiangtai Food (the “Company” or the “PLIN”), an emerging growth company engaged in agricultural business with a diversified expansion strategy, today announced that the Company, through its U.S. subsidiary SonicHash LLC, has entered into a purchase agreement (the “Agreement”) with a global Bitcoin mining hardware company to purchase 686 spot Bitcoin miners that are worth US$6 million. The top-tier newly manufactured miner with a hash rate of 92 TH/s are expected to ramp up the hash rate of the Company’s miner fleet by over 63,000 TH/s.
According to the Agreement, the newly purchased miners are expected to be delivered in two to three weeks to the Company’s mining facility site in Carthage, NY by the end of January 2022. As a result, the Company’s total mining operations are expected to consist of 1,428 Bitcoin miners, producing approximately 132.2 PH/s once all miners are put in full operation. The Company expects to generate approximately US$11 million in revenue and US$7.7 million in cash contribution margin for the first year, based upon the Bitcoin’s average price at US$49,628/BTC for the past month.
Dr. Erick Rengifo, CSO of the Company said:
“We are pleased to secure miners ahead of our peers with the help of spot purchase agreement. It is a strategic move that we are seeking new channel in our procurement strategy and diversifying our access to miners. We believe the newly purchased miners would quickly expand our mining scale and bring exceptional performance for our future growth. We look forward to strengthening the business relationship with more purchase orders in the near future.”
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Source: Cryptocurrency - investing.com
