Thai tech firm Jasmine Technology witnessed a tremendous increase in its share price after it unveiled a bitcoin mining unit earlier this year. 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. The tech firm has not generated earnings from the mining operation, which makes the surge in valuation all the more surprising.
Jasmine Technology has generated only 8 BTC so far.
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 would be a much more fruitful one.
Jasmine tech plans to invest $98 million in 7,000 bitcoin mining units.
The tech giant plans to invest $98 million in 7,000 bitcoin mining units. The mining operation will also be profitable as long as bitcoin’s price holds over $30,000. Thailand is currently regulating the cryptocurrency industry, but its 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. As reported earlier, the Bank of Thailand is planning on releasing a consultation paper on the “Financial Landscape” in January 2022. The report will seek a consensus for what it calls “red lines” for crypto users and businesses.
