After announcing a bitcoin mining unit early this year, Thai tech firm Jasmine Technology saw a massive surge in its stock price. It is currently one of the best-performing stocks on the worldwide market.
In the worldwide market, Jasmine Technology, a Thai IT firm that announced in July 2021 that it will create a bitcoin mining operation, has outperformed its peers. Following the news, the company’s stock increased by 6,700 percent, which is more than any other IT company on the market.
The Bitcoin mining operation has not generated any revenue for Jasmine Technology, which makes the increase in valuation all the more surprising. The company’s Chairman, Soraj Asavaprapha, 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 company is growing steadily prior to the announcement. The stock price soared even higher following the release of third-quarter earnings.
Jasmine Technology has only generated 8 BTC so far. But, the chairman claims that next year will be much more productive. It intends to spend $98 million to purchase 7,000 mining units. As long as bitcoin’s price remains above $30,000, the mining operation will be profitable.
Thailand is currently regulating the cryptocurrency industry, but the company’s executives believe it will have no impact on their operations. The country is one of many considering how to deal with industries. Such as, bitcoin mining, with some governments outright outlawing it.
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