Crypto sector stocks rose in premarket trading,BTCM shares jumped more than 30%,BITF surged more than 20%.
Investors in stock trading platforms are citing the momentum in cryptocurrencies as being the driving force for the stock price increase. The price of the Bitcoin cryptocurrency is up more than 9% over the past week. And Ethereum is up more than 12% over the past week.
Late last month, BIT Mining announced it entered into a definitive purchase agreement to buy 2,500 new bitcoin mining machines for a total consideration of approximately US$6.6 million. And when deployed, the company expects the Acquired Machines to increase its theoretical maximum total hash rate capacity by about 165 peta hashes per second (PH/s).
The acquired machines are expected to be delivered within one week from today. And following delivery, the company plans for them to be shipped to Kazakhstan for deployment.
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