NIP Group, the parent company of the esports brand Ninjas in Pyjamas, is significantly expanding its Bitcoin mining operations. The company aims to increase its output to 160 BTC monthly, translating to over $16 million at current prices, up from a previous goal of 60 BTC. This expansion boosts its mining capacity to a hash rate of 11.3 EH/s, a notable increase from 3.11 EH/s since launching its mining operations in July. This positions NIP Group as the 12th-largest publicly traded Bitcoin miner globally by hash rate. Co-CEO Hicham Chahine stated that this move aligns with their existing investments and will enhance cross-product integration. The company plans to grow its Bitcoin reserves and hash rate while strategically selling Bitcoin based on market conditions to fund business expansion. The increase in capacity is due to acquiring additional mining rigs with a combined hash rate of 8.19 EH/s, with a transaction set to finalize in December. Despite these efforts, NIP Group's stock has seen a significant decline since going public. Read more AI-generated news on: https://app.chaingpt.org/news

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