Jasmine Technology Solution Pcl, the Thai firm that announced venturing into the Bitcoin mining business in mid this year, has its stock rallied to record heights.
As per Bloomberg, the shares of Jasmine Technology have soared nearly 7,000% Year-to-date. As investors are bullish on this new venture, the company’s CEO said they’d be investing over $98 million for expanding the current mining hardware and grow more.
Bitcoin Mining is a New Business
While some partial investment into Bitcoin is considered a logical thing today, mining it isn’t profitable, in most cases. But, Thailand citizens are dumping this thought to support a local technology firm, and help it mine better and profitable.
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This is the story of Jasmine Technology Solution Pcl, a Thailand-based communications firm that announced venturing into the Bitcoin mining business in July this year. This sprung local investors, who keep buying the stock for any price it’s quoted in the market. And now, it stood at a record high of nearly 7,000% up Year-to-date.
The stock is trading at an all-time high price this month, with 500 times trailing 12-month earnings, as per Bloomberg. This price rally isn’t expected by the company’s CEO too, as he said,
“The strong response from investors has exceeded our expectations. There’s bullish optimism toward our new direction even though this is just the beginning.”
Jasmine Technology Solution Pcl is now preparing to invest more in this business, to make it more profitable. As of now, they had minted only 8 Bitcoins with 325 mining rigs since July, when they started. Now, the CEO announced inducing over 3.3 billion baht ($98 million) to expand the hardware to over 7,000 rigs, and mint coins at a better rate.