BitVentures Expands into Cryptocurrency Mining with 30 PH/s Capacity
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
- Hashrate Deployment: BitVentures has acquired various mining hardware from Bitmain, expecting to provide 30 PH/s for Bitcoin, with all installations set to be completed by the end of this month, marking a strategic pivot into the cryptocurrency sector.
- Power Resources: The company secured 0.5 megawatts of power capacity across several US data centers, which will support its mining operations and lay the groundwork for future digital asset services.
- Market Reaction: Following the announcement of its expansion into digital assets, BitVentures' stock surged over 8% in intraday trading, indicating positive investor sentiment towards its new strategy, despite total returns of approximately -89% since its IPO.
- Future Plans: The firm aims for full mining deployment in the first quarter, targeting Bitcoin and select altcoins while gradually scaling operations to manage market fluctuations and seize opportunities within the digital asset ecosystem.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
