Whereas a lot of the consideration in latest months has centered on publicly traded miners vying so as to add hashrate or pivot to AI, one of many fastest-growing Bitcoin mining operations is increasing largely out of the highlight.
This text first appeared in Miner Weekly, Blocksbridge Consulting's weekly publication that brings collectively the newest Bitcoin mining and knowledge evaluation information from Theminermag.
NIP Group (NASDAQ: NIPG), the $130 million father or mother firm of esports model Ninjas in Pajamas, revealed on Thursday that its Bitcoin mining operation produced 151.4 BTC throughout its preliminary interval of operation from September to November 2025. At present costs, that output equates to income of roughly $14.2 million.
The corporate additionally stated that following the partial completion of the beforehand introduced transaction, put in mining capability has reached 9.66 EH/s, with an extra 1.64 EH/s anticipated to return on-line later this month. As soon as totally deployed, NIPG expects its whole capability to be roughly 11.3 EH/s, putting it within the high 20 publicly traded Bitcoin miners by revealed hashrate and the biggest within the Center East and North Africa by reported capability.
From esports to hashrate
NIPG's transfer into Bitcoin mining started in July, when the corporate introduced it will purchase 3.11EH/s of on-rack mining capability from Fortune Peak and Apex Cyber Capital in alternate for newly issued Class A typical inventory. The deal closed in September and created an in-house division devoted to digital computing.
In November, NIPG considerably expanded its technique, agreeing to accumulate a further 8.19 EH/s of on-rack capability from Apex Cyber Capital, Prosperity Oak Holdings, and Noveau Jumpstar. The deal, which was additionally settled primarily via a inventory difficulty and convertible product, raised the corporate's said long-term goal to 11.3 EH/s and signaled that Bitcoin mining has turn out to be a major second enterprise space alongside gaming and leisure.
Possession hyperlink factors to Antalfa
What makes NIPG's mining drive significantly noteworthy isn’t solely its velocity, but additionally who’s on the opposite aspect of the transactions.
After the November enlargement, Apex Cyber Capital held roughly 31.2% of NIPG shares, and Prosperity Oak Holdings managed roughly 29.4%. Fortune Peak, the unique vendor of the on-rack capability, shares frequent possession with Prosperity Oak via Chiu Chang-Wei.
Mr. Chiu can be a director of Antalpha, Bitmain's fundraising and finance division. In parallel, Mr. Chiu leads Cango. Cango has gone via its personal pivot to mining and has emerged as one of many largest indigenous Bitcoin miners. Fortune Peak (the identical entity that bought on-rack capability to NIPG) had beforehand bought mining capability to Cango throughout its transformation right into a large-scale prop miner. Moreover, Cango's Chief Funding Officer Simon Ming Yeung Tang was appointed to NIPG's board following the acquisition in July.
Taken collectively, these transactions recommend a well-recognized construction. In different phrases, firms working with Bitmain are transferring the energized hashrate to publicly traded autos and elevating funds via inventory issuance fairly than constructing their very own autos, which requires conventional capital funding.
Distinctive mining block that continues to develop
The size of this exercise is turning into unattainable to disregard.
Cango has revealed a mining capability of round 50 EH/s, whereas NIPG is nearer to 11 EH/s, suggesting that its personal mining operations along side identified Bitmain at the moment whole over 60 EH/s. This quantity alone would make the Bitmain camp one of many largest Bitcoin miners on the earth, even with out contemplating undisclosed capabilities or third-party preparations.
Timing can be necessary. In December, Bitdeer considerably elevated its achieved hashrate via the deployment of its proprietary SEALMINER machine, reinforcing the industry-wide pattern. The biggest proprietary miners are more and more those with entry to proprietary {hardware}.
As public miners grapple with compressing hash costs, growing funding prices, and diluting shareholders, vertically built-in gamers seem like growing their affect over growing shares of the community hashrate via {hardware} possession, funding arms, and related public shells.
This text comes from Theminermag, a commerce publication for the crypto mining {industry}, specializing in the newest information and analysis about institutional Bitcoin mining firms. The unique article may be discovered right here.
