Bitplanet Launches Full-Scale Bitcoin Mining Operations, Acquiring 1,204 Mining Machines

[Financial News] Bitplanet is launching a full-scale Bitcoin mining business after acquiring 1,204 Bitcoin (BTC) mining machines. The company plans to develop Bitcoin mining into a new revenue stream alongside its existing systems integration (SI) business.
Bitplanet announced on the 9th that it had successfully completed the acquisition of tangible assets agreed upon in June.
The equipment acquired includes 454 Antminer S21 XP Hyd machines and 750 Antminer S21e XP Hyd machines manufactured by Bitmain, a global maker of application-specific integrated circuit (ASIC) cryptocurrency mining equipment, for a total of 1,204 units. The total purchase price was $9,999,228, or approximately KRW 13.4 billion.
With payment for the transaction completed, Bitplanet’s non-current assets increased by approximately 44% to about KRW 62.3 billion from before the acquisition. Total assets also rose 15% to KRW 72.8 billion.
The mining equipment was deployed at bases in Oman and Paraguay, where electricity prices are relatively low and supply is stable. Bitplanet plans to begin initial operations through a combination of outsourced operations and joint investments. Its goal is to mine 7 BTC per month, or at least 84 BTC annually. The Bitcoin mined will be recognized as revenue for accounting purposes.
The acquisition was completed about three months after Bitplanet disclosed its decision to acquire tangible assets in June. The company explained that it reviewed the contract terms and funding structure in stages because the purchase of the mining machines and the financing process were linked to multiple overseas counterparties and foreign-exchange settlement procedures. Bitplanet also said it completed the process after obtaining accounting, legal, and foreign-exchange advice, taking into account the limited precedent among listed South Korean companies pursuing mining businesses.
Bitplanet CEO Sounghun Lee said, "Although the acquisition schedule changed somewhat, we proceeded by reviewing each step, from the contract terms to accounting treatment, disclosure, and foreign-exchange procedures, with legal and accounting advice, as there were not enough comparable cases in South Korea." He added, "Now that the relevant procedures have been completed, we will prove ourselves through stable equipment operations and tangible operating results."

[email protected] Sounghun Lee Reporter