Esports Team Ninjas in Pyjamas Mines $14 Million in Bitcoin as Operation Expands

NIP Group Inc., the publically traded genitor institution of long-running esports squad enactment Ninjas successful Pyjamas, announced Thursday that it mined astir 151.4 Bitcoin—about $14.5 cardinal worth—during its archetypal 3 months of cognition from September done November.

The company, which trades arsenic NIPG connected the Nasdaq, first revealed plans to participate Bitcoin mining past July. In November, the institution said that it was expanding its fleet of mining rigs, targeting monthly accumulation of 160 BTC. In Thursday’s announcement, the steadfast updated that estimation to 140 BTC per period (currently astir $13.5 cardinal worth).

Mining refers to the enactment of securing the Bitcoin web by utilizing high-powered computers to crunch calculations, with each artifact reward victor earning a bounty of 3.125 Bitcoin (about $303,000) positive idiosyncratic fees. Bitcoin mining is an energy-intensive process that's typically operated by ample companies oregon groups with warehouses afloat of dedicated, specialized computers.

In November, NIP Group said it had acquired mining rigs with a combined hash complaint of astir 8.19 EH/s from sellers including Apex Cyber Capital, Prosperity Oak Holdings, and Noveau Jumpstar. In exchange, NIP Group agreed to contented implicit 314 cardinal Class A mean shares.

NIP Group said Thursday that its mining capableness presently sits astatine 9.66 EH/s, positioning it among the apical 20 publically traded Bitcoin miners successful the United States and the largest successful the MENA region. The institution expects to execute full operating capableness of astir 11.3 EH/s aboriginal this period erstwhile last tranches of the woody are completed.

"These accumulation results beryllium what we acceptable retired to demonstrate—that we tin deploy mining infrastructure astatine standard and make meaningful Bitcoin output,” said NIP Group Co-CEO Hicham Chahine, successful a statement.

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“With 9.66 EH/s present operational and the remainder closing soon, we've built a 2nd maturation motor that complements our amusement portfolio,” helium added. “This positions america uniquely astatine the intersection of integer assets, computing infrastructure, and gaming—with optionality to grow into AI workloads arsenic that marketplace develops.”

In November, NIP Group told Decrypt that its superior absorption was maximizing Bitcoin holdings and mining hash rate. However, the institution said it would merchantability Bitcoin erstwhile marketplace conditions are "appropriate" to screen enlargement oregon operational costs.

Esports Giant Ninjas successful Pyjamas Expands Bitcoin Operation, Aims to Mine $16M successful BTC Monthly