NIP Group Inc., the publicly traded parent company of the long-running esports team organization Ninjas in Pajamas, announced Thursday that it has mined approximately $151.4. BitcoinIn the first three months from September to November, it generated approximately $14.5 million worth of revenue.
The company, which trades on the Nasdaq market as NIPG, first revealed plan I entered Bitcoin mining in July of last year. The company announced this in November. Expand the number of mining rigs we ownAiming for monthly production of 160 pieces BTC. In Thursday’s announcement, the company updated its forecast to 140. BTC per month (currently equivalent to approximately $13.5 million).
Mining refers to the act of securing the Bitcoin network by using high-performance computers to speed up calculations, with each block reward winner earning a bounty of 3.125 Bitcoins (approximately $303,000) plus user fees. Bitcoin mining is an energy-intensive process, typically run by large companies or groups with warehouses full of specialized computers dedicated to it.
In November, NIP Group announced that it had acquired mining rigs with a combined hashrate of approximately 8.19 EH/s from sellers including Apex Cyber Capital, Prosperity Oak Holdings, and Noveau Jumpstar. In return, NIP Group agreed to issue over 314 million shares of Class A common stock.
NIP Group announced on Thursday that its mining capacity is now 9.66 EH/s, making it among the top 20 listed Bitcoin miners in the US and the largest in the MENA region. The company expects to reach a total operating capacity of approximately 11.3 EH/s later this month once the final portion of the contract is completed.
“These production results prove what we were trying to demonstrate: that mining infrastructure can be deployed at scale and generate meaningful Bitcoin production,” Hisham Chahine, co-CEO of NIP Group, said in a statement.
“With 9.66 EH/s currently in operation and the rest coming soon, we have built a second growth engine to complement our entertainment portfolio,” he added. “This puts us in a unique position at the intersection of digital assets, computing infrastructure and gaming, with the option to expand into AI workloads as the market evolves.”
November, NIP Group said decryption It said its main focus was to maximize Bitcoin holdings and mining hashrate. However, the company said it will sell Bitcoin when market conditions are “appropriate” to cover expansion and operating costs.
NIP Group is a digital entertainment company primarily known for its esports and gaming ventures. These include Ninjas in Pajamas, a competitive esports team that competes at the top level in games such as Counter-Strike 2, Valorant, League of Legends, and Rocket League.
The company’s stock was flat as of Thursday, with a recent price of $1.10, but has fallen nearly 54% over the past six months, according to Yahoo Finance data.
