Nasdaq P2P company transforms into Bitcoin Mining, deploying 20,000 Mining Rigs to mine 949 BTC in six months.

Recently, news regarding the business transformation of a fintech company has attracted widespread attention in the industry. According to reports, a Chinese P2P company that was once listed on NASDAQ has been acquired and renamed "Bit Digital," with its NASDAQ trading code also changing to "BTBT." The company's new business direction includes Bitcoin Mining, and it is reported that it has over 20,000 Bitcoin Mining Rigs in operation.

The predecessor of this company successfully landed on the US Nasdaq on March 20, 2018, and was hailed as the "first Chinese car loan stock." However, it was later investigated by the Pudong Branch of the Shanghai Public Security Bureau for suspected illegal public deposit absorption, becoming the first US-listed P2P platform to suffer this fate.

Interestingly, the background of the acquirer is also quite noteworthy. It is understood that this person previously issued a type of digital token, which later transformed into a power coin due to a sharp decline in price, focusing on the concept of Mining dividends. Users holding this token can receive dividends from the company's Mining activities, and the company also promised to continuously buy back and destroy tokens using the Mining profits. However, the project later suspended Mining and buyback activities for various reasons.

According to the semi-annual report disclosed by Bit Digital on October 19 on the official website of the U.S. Securities and Exchange Commission (SEC), the company's deployed Bitcoin mining power reached 1250PH/S in the first half of the year, ranking first among NASDAQ-listed companies in terms of Bitcoin mining capacity. The company's Bitcoin mining operations began in February this year, with a total of 22,869 Mining Rigs deployed, resulting in the mining of 949.51 Bitcoins in six months. As of June 30, the revenue from the company's Bitcoin mining operations was $690,000.

Recently, as the price of Bitcoin continues to rise, Bitcoin-related stocks on the NASDAQ have generally shown an upward trend. Data shows that Bit Digital's stock price fell to a low at the beginning of the year, but has been steadily climbing since it started its Mining business, with a cumulative increase of 1451.55% in 2020.

These changes reflect the accelerating integration of traditional finance with the emerging digital asset space, and highlight the market's continued focus on Bitcoin and related businesses. However, while investors pay attention to these high-growth opportunities, they should also fully recognize the associated risks and make prudent decisions.