Bitplanet Acquires 1,204 Bitcoin Mining Machines, Targets “84 BTC Annually”

[Financial News] Bitplanet has newly acquired more than 1,200 of the latest Bitcoin (BTC) mining machines. The company aims to secure 84 BTC annually through stable mining operations.
According to industry sources on the 10th, the newly acquired machines comprise 454 of Bitmain’s latest S21 XP Hydro units and 750 S21e XP Hydro units, for a total of 1,204 machines. The equipment consists of high-performance models with a maximum hash rate of 473 terahashes and power efficiency of approximately 12 to 13 joules per terahash.
The total purchase price of the mining machines was $9,999,228, or approximately 13.4 billion won. After completing payment for the mining equipment, Bitplanet’s noncurrent assets, valued at approximately 62.3 billion won, increased 43.9% from before the asset acquisition. Total assets rose 14.6% to approximately 72.8 billion won.
The mining equipment was deployed at sites in Oman and Paraguay, where electricity costs are low and supply is stable. The company began its initial operations using a combination of commissioned operations and joint investments, with a goal of mining 7 BTC per month and at least 84 BTC annually. The mined BTC will be recognized as revenue for accounting purposes. Bitplanet explained that it had secured a new source of revenue in addition to its existing systems integration (SI) business.
Sounghun Lee, CEO of Bitplanet, said, "Although the acquisition schedule was partially adjusted, we proceeded step by step after consulting legal and accounting advisers and verifying everything from the contract terms to accounting treatment, disclosures, and foreign-exchange procedures, at a time when there were not enough comparable cases in Korea." He added, "We prioritized legal compliance and procedural completeness over speed."
[email protected] Jang Min-kwon Reporter