BITMINING
4,866 views
9 Discussing
Hot
Latest
#bitmining
follow
like
share
Crypto miner BIT Mining pivots to Solana with plan to raise up to $300 million for SOL treasury
BIT Mining is diversifying its crypto mining operations with a plan to raise between $200 million and $300 million to accumulate SOL.
It is the latest in a plethora of firms launching crypto treasury initiatives, including two other bitcoin miners-turned-Ethereum acquisition companies.
follow
like
share
Crypto miner BIT Mining pivots to Solana with plan to raise up to $300 million for SOL treasury
BIT Mining is diversifying its crypto mining operations with a plan to raise between $200 million and $300 million to accumulate SOL.
It is the latest in a plethora of firms launching crypto treasury initiatives, including two other bitcoin miners-turned-Ethereum acquisition companies.
See original
BIT Mining's stock skyrockets after announcing $300 million plan to transition to Solana
Shares of Bitcoin mining company BIT Mining have surged over 140% after announcing plans to raise $200-300 million to build a Solana (SOL) treasury and convert its current holdings to $SOL .
Conversion strategy and reasons
BIT Mining, which has focused on Bitcoin and other tokens, will pivot to Solana. CEO Xianfeng Yang stated that this is a "bold move into one of the most dynamic and promising ecosystems in the blockchain space." This move comes as mining companies face numerous challenges such as reduced rewards and increased mining difficulty.
SOL is the sixth-largest cryptocurrency with a market capitalization of $83.9 billion. Developers favor the Solana blockchain for its speed and efficiency compared to $ETH , utilizing this network for various projects from exchanges, memecoins to gaming.
The decision of #BITMINING reflects the growing trend of companies both inside and outside the crypto space purchasing Bitcoin and other digital assets to generate better returns for shareholders. Major companies like Strategy (formerly MicroStrategy) and Metaplanet have pioneered the accumulation of Bitcoin into corporate treasuries.
Shares of Bitcoin mining company BIT Mining have surged over 140% after announcing plans to raise $200-300 million to build a Solana (SOL) treasury and convert its current holdings to $SOL .
Conversion strategy and reasons
BIT Mining, which has focused on Bitcoin and other tokens, will pivot to Solana. CEO Xianfeng Yang stated that this is a "bold move into one of the most dynamic and promising ecosystems in the blockchain space." This move comes as mining companies face numerous challenges such as reduced rewards and increased mining difficulty.
SOL is the sixth-largest cryptocurrency with a market capitalization of $83.9 billion. Developers favor the Solana blockchain for its speed and efficiency compared to $ETH , utilizing this network for various projects from exchanges, memecoins to gaming.
The decision of #BITMINING reflects the growing trend of companies both inside and outside the crypto space purchasing Bitcoin and other digital assets to generate better returns for shareholders. Major companies like Strategy (formerly MicroStrategy) and Metaplanet have pioneered the accumulation of Bitcoin into corporate treasuries.
*Bitcoin miner pivots to Solana, stock explodes 350%
Another Bitcoin miner just said "screw this" and pivoted to altcoins...
Bit Mining announces $300M Solana treasury plan
Stock went from $2 to $11 in pre-market (now $6.29)
Plans to convert BTC holdings to SOL
Becoming Solana validator too
This pivot trend is getting wild
*The Solana pivot plan
What they're doing:
-Raising $200-300M for SOL treasury
-Converting existing crypto to SOL
-Running validator nodes on Solana
-Long-term holding strategy
Current holdings: Only 19 BTC (~$2M) so not much to convert
CEO quote: "Most dynamic and promising ecosystem in blockchain space"
*Market reaction insane
Stock movement:
-Wednesday close: $2.00
-Pre-market high: $11.00 (+350%)
-Current: $6.29 (still +215%)
Why the pump? Market loves the Solana narrative right now.
17th largest Bitcoin miner by market cap just ditched Bitcoin for SOL.
*Following Bit Digital's playbook
Similar move last month:
-Bit Digital pivoted to Ethereum staking
-Initially dropped 15% to $1.99
-Then surged 80% to $3.59
Pattern: Bitcoin mining → altcoin treasury = stock pump
Investors betting on ecosystem growth over mining margins.
*My take
This is fascinating. Bitcoin miners are basically giving up on their core business.
Why the pivots?
-Mining margins getting crushed
-Altcoin ecosystems growing faster
-Validator income more predictable than mining
Reality check: These are small miners (19 BTC holdings) making desperate moves for relevance.
But: Market clearly loves the pivot narrative. Solana ecosystem growth story resonating.
Bottom line: When Bitcoin miners start buying altcoins instead of mining, that's a strong ecosystem signal.
#BITMINING #Solana #CorporatePivot
Another Bitcoin miner just said "screw this" and pivoted to altcoins...
Bit Mining announces $300M Solana treasury plan
Stock went from $2 to $11 in pre-market (now $6.29)
Plans to convert BTC holdings to SOL
Becoming Solana validator too
This pivot trend is getting wild
*The Solana pivot plan
What they're doing:
-Raising $200-300M for SOL treasury
-Converting existing crypto to SOL
-Running validator nodes on Solana
-Long-term holding strategy
Current holdings: Only 19 BTC (~$2M) so not much to convert
CEO quote: "Most dynamic and promising ecosystem in blockchain space"
*Market reaction insane
Stock movement:
-Wednesday close: $2.00
-Pre-market high: $11.00 (+350%)
-Current: $6.29 (still +215%)
Why the pump? Market loves the Solana narrative right now.
17th largest Bitcoin miner by market cap just ditched Bitcoin for SOL.
*Following Bit Digital's playbook
Similar move last month:
-Bit Digital pivoted to Ethereum staking
-Initially dropped 15% to $1.99
-Then surged 80% to $3.59
Pattern: Bitcoin mining → altcoin treasury = stock pump
Investors betting on ecosystem growth over mining margins.
*My take
This is fascinating. Bitcoin miners are basically giving up on their core business.
Why the pivots?
-Mining margins getting crushed
-Altcoin ecosystems growing faster
-Validator income more predictable than mining
Reality check: These are small miners (19 BTC holdings) making desperate moves for relevance.
But: Market clearly loves the pivot narrative. Solana ecosystem growth story resonating.
Bottom line: When Bitcoin miners start buying altcoins instead of mining, that's a strong ecosystem signal.
#BITMINING #Solana #CorporatePivot
See original
📈 BIT Mining Stocks Strengthen After Announcing Solana-Based Treasury Strategy
BTCM shares surged significantly by +355% in pre-market session to $11.20 after this Bitcoin mining company announced a major plan to shift a significant portion of their digital asset treasury to the Solana network ($SOL ). Although prices corrected after the initial euphoria, the stock still closed with an impressive increase of +170% compared to the previous closing price.
This move makes BIT Mining the latest public company to adopt a long-term cryptocurrency asset accumulation strategy, similar to the approach popularized by Michael Saylor through MicroStrategy. The company plans to raise $200–$300 million through the issuance of new shares or debt, which will be fully allocated to purchasing Solana tokens. In addition to direct accumulation, the company also plans to convert some of its existing crypto holdings into SOL and participate in staking as a source of long-term yield.
For context, before this announcement, BIT Mining's market cap was only $39 million. The surge in stock price indicates market enthusiasm for the new narrative: the transition to next-generation layer-1 assets like Solana, which has high transaction throughput and lower cost structure compared to Bitcoin and Ethereum.
On the other hand, the price of $SOL also experienced a slight increase of +0.9% on Thursday as institutional interest in Solana as a digital treasury alternative rose.
This move extends the list of public entities actively diversifying their treasury strategies, from merely holding Bitcoin to being more adaptive to the potential of other cryptocurrencies. An important signal that digital asset allocation strategies are now entering a phase of multichain expansion.
📌 Disclaimer: Not Promotion & Not Financial Advice
#BITMining #BTCM #Solana #SOL #crypto
BTCM shares surged significantly by +355% in pre-market session to $11.20 after this Bitcoin mining company announced a major plan to shift a significant portion of their digital asset treasury to the Solana network ($SOL ). Although prices corrected after the initial euphoria, the stock still closed with an impressive increase of +170% compared to the previous closing price.
This move makes BIT Mining the latest public company to adopt a long-term cryptocurrency asset accumulation strategy, similar to the approach popularized by Michael Saylor through MicroStrategy. The company plans to raise $200–$300 million through the issuance of new shares or debt, which will be fully allocated to purchasing Solana tokens. In addition to direct accumulation, the company also plans to convert some of its existing crypto holdings into SOL and participate in staking as a source of long-term yield.
For context, before this announcement, BIT Mining's market cap was only $39 million. The surge in stock price indicates market enthusiasm for the new narrative: the transition to next-generation layer-1 assets like Solana, which has high transaction throughput and lower cost structure compared to Bitcoin and Ethereum.
On the other hand, the price of $SOL also experienced a slight increase of +0.9% on Thursday as institutional interest in Solana as a digital treasury alternative rose.
This move extends the list of public entities actively diversifying their treasury strategies, from merely holding Bitcoin to being more adaptive to the potential of other cryptocurrencies. An important signal that digital asset allocation strategies are now entering a phase of multichain expansion.
📌 Disclaimer: Not Promotion & Not Financial Advice
#BITMining #BTCM #Solana #SOL #crypto
See original
BIT Mining Reuses Bitcoin Miners Thanks to Record Low Energy Costs in Ethiopia
Opportunities from Cheap Electricity Costs in Ethiopia
BIT Mining has invested $14 million to expand its operations in Ethiopia, including 51 MW of power and nearly 18,000 Bitcoin mining machines. This is an important step in the strategy of reusing old mining machines, which are no longer effective in the US due to high electricity costs.
According to Dr. Youwei Yang, chief economist of BIT Mining, electricity costs in Ohio are 70% or more higher, causing older mining machines to quickly become obsolete. Meanwhile, moving these machines to Ethiopia can extend their lifespan by 2 years, optimizing profits.
BIT Mining has invested $14 million to expand its operations in Ethiopia, including 51 MW of power and nearly 18,000 Bitcoin mining machines. This is an important step in the strategy of reusing old mining machines, which are no longer effective in the US due to high electricity costs.
According to Dr. Youwei Yang, chief economist of BIT Mining, electricity costs in Ohio are 70% or more higher, causing older mining machines to quickly become obsolete. Meanwhile, moving these machines to Ethiopia can extend their lifespan by 2 years, optimizing profits.
Login to explore more contents