Thai tech company stock triggers 7,000% surge with just 8 coins mined since July 2021
Jasmine Technology Solution Pcl stock has more than tripled since the plan was announced in late July, although the cryptocurrency project has yet to generate significant earnings for the firm.
A world-beating share rally by a Thai technology company after it unveiled an expansion into Bitcoin mining has surprised even the firm’s chairman. Jasmine Technology Solution Pcl stock has more than tripled since the plan was announced in late July, although the cryptocurrency project has yet to generate significant earnings for the firm.
On Monday, the share surged nearly 7,000%, year-to-date, the most among global tech companies with a market value of at least $2 billion, according to data compiled by Bloomberg.
Trading on Bangkok's Stock Exchange of Thailand, Jasmine Technology also sells telecom equipment and has generated about $14.8 million in total revenue in its most recent quarter. It entered the crypto mining sector in July with 325 devices. And so far, it has only generated eight bitcoins. Still, net income over the first nine months of the year is up 436% from a year ago to $4.4 million, and the company will ramp up mining sharply.
In an interview with Bloomberg, Chairman Soraj Asavaprapha said the Thai firm plans to invest about $98 million to build up to 7,000 new mining machines next year. About 80% of the company's total turnover will come from revenue generated by the mining business, which can turn a profit as long as bitcoin stays above $30,000, he added. Bitcoin was trading at about $51,400 on Monday.
Crypto mining has continued to achieve recognition this year, and even some at-home miners say it is a great opportunity to jump in on the action. Enthusiasm from firms like Jasmine Technology Solution has surged despite Blockchain.com data showing that 90% of all bitcoins have now been mined.