July 2, 2022

Thai Tech Firm Boosts 6700% Share With Bitcoin Mining

Thai tech firm Jasmine Technology saw its share price rise significantly after launching a Bitcoin mining unit earlier this year. It is currently one of the top performers in the world market.

Jasmine Technology, a Thai tech company that announced in July 2021 the launch of a Bitcoin mining unit, has managed to overtake its peers in the global market. Since the announcement, the company has experienced a 6,700% increase in its share price. Thus, its performance exceeds all technology companies on the market.

Prix de l’action Jasmine Technology : Bloomberg

Jasmine Technology has not generated a profit on its Bitcoin mining operations, which makes this rise in its valuation all the more surprising. Soraj Asavaprapha, the CEO of the company, was also surprised by this performance. He thus declared:

“The strong reaction from investors has exceeded our expectations. There is growing optimism about our new leadership, even if this is only the beginning ”.

The tech company was already seeing good growth before the announcement, but took off when the Bitcoin mining project came to light. In addition, its third quarter results pushed its share price even higher.

So far, Jasmine Technology has only generated 8 BTC, but its CEO has assured that next year will be much more successful. Indeed, the company plans to invest $ 98 million in 7,000 mining units. Bitcoin mining activities will remain profitable as long as the price of the asset does not fall below $ 30,000.

Thailand is currently working on the regulation of cryptocurrencies. That said, company executives don’t think it could affect their operations. As a reminder, the Kingdom of Thailand is one of the many countries deliberating on how to handle Bitcoin mining activity. Some governments completely prohibit this type of activity.

Iran orders Bitcoin mining activity to stop over winter

Iran is one of those countries that restricts cryptocurrency mining operations. Iran’s Electricity Generation, Distribution and Transmission Company Tavanir has asked crypto mining centers to suspend operations during the winter to avoid possible blackouts. Despite all of these restrictions, the country is working on a legal framework for crypto.

Iran has previously banned and then re-authorized mining operations on its territory. At the end of July 2021, the country banned Bitcoin mining due to an electricity shortage. Iranian police also seized 7,000 mining rigs during a raid, demonstrating their strong stance on crypto mining.

Countries like China have already banned cryptocurrency mining, while others like Sweden may do the same. Many of these decisions were precipitated by environmental concerns related to crypto mining.

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