Shenzhen-based information and communications technology (ICT) company ZJBC plans to invest in the bitcoin mining sector, according to a recent announcement. ZJBC says it plans to spend up to $155 million on ASIC mining units manufactured by Microbt.
China’s ZJBC ICT invests $155 million in microbial equipment
According to a statement on January 9, Zhongjia Bochuang (ZJBC), a renowned company listed on the Shenzhen Stock Exchange (SZSE) with a market capitalization of $900 million, has announced that it will enter the market for the first time. In March 2021, the company announced that it had entered into a cooperation agreement with Microbt. ZJBC is a computer company and plans to partner with Microbt to spend $155 million on specialized ASIC hardware for the mining industry. Microbt’s Whatsminer bitcoin mining hardware has been in high demand lately, and the Whatsminer M30S++ (112TH/s) is currently the most powerful ASIC on the market.
Regional reporter Prieshu Garg says the company will not invest $155 million in one go. The translation of the ad was as follows: At least 20,000 units will be delivered in the first year, with the first batch of at least 2,000 units to be delivered by May 2021. In addition, Microbt and ZJBC will also provide resources on topics such as artificial intelligence (AI) and edge computing. Garg also reported that ZJBC Chairman Wu Yin was a key investor in Microbt in 2019. Zhongjia Bochuang said on October 28, 2019 at the Shenzhen Stock Exchange (SZSE).
The chairman of ZJBCsaid he is an early investor in Microbt.
The news also follows recent crypto currency purchases by Chinese listed company Meitu, which added bitcoin (BTC) and Ethereum (ETH) to its balance sheet. According to Garg, reports showed that ZJBC reportedly received 50 million yen, or about $7.6 million, in revenue from bitcoin mining in 2018.
ZJBC is one of the few Chinese companies to talk openly about its plans with digital currency, Garg said. ZJBC’s business report on the Shenzhen Stock Exchange, Garg writes. Just under 3% of the shares appear to be linked to Chinese state capital, demonstrating a direct link between the Chinese government and bitcoin mining, the author continues.
What do you think of ZJBC’s $155 million investment in Microbt? Let us know what you think in the comments below.
Tags in this story
Bitcoin, Bitcoin (BTC), BTC, China, China ICT company, Digital currencies, ICT company, M30S++, Microbt, Mining, Mining BTC, Mining Crypto, Whatsminers, Wu Ying, Zhongjia Bochuang (ZJBC), ZJBC
Photo credit: Shutterstock, Pixabay, Wiki Commons
Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of a product, service or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.
bitcoin calculator,how much are bitcoins worth,bitcoin stock price,Privacy settings,How Search works