BIT Mining’s Solana move sparks stock surge to three-year high

Crypto mining institution BIT Mining has strategically moved into the Solana ecosystem, sending its banal to a three-year high.

On July 10, the institution disclosed its strategical expansion, which includes plans to rise betwixt $200 cardinal and $300 cardinal to found a strategical Solana reserve.

As portion of the transition, BIT Mining intends to person immoderate of its existing crypto holdings into SOL and grow its treasury done further acquisitions.

This strategy mirrors the attack taken by companies similar Strategy (formerly MicroStrategy) with Bitcoin. It signals a increasing inclination of nationalist firms utilizing integer assets arsenic portion of their treasury diversification.

According to Google Finance data, the announcement importantly boosted capitalist confidence, pushing BIT Mining’s banal by 137% to $5.84, its highest level since mid-2022.

Why Solana pivot?

BIT Mining’s determination to integrate into the Solana ecosystem is portion of its semipermanent maturation strategy.

According to the firm, it aims to seizure emerging opportunities crossed the blockchain worth concatenation and presumption itself arsenic a publically traded conveyance for investors seeking vulnerability to Solana.

BIT Mining CEO Xianfeng Yang described this determination arsenic a reflection of the company’s adaptability successful a rapidly changing crypto landscape. He noted that the firm’s infrastructure and execution capabilities would thrust innovation and sustainable maturation wrong the Solana ecosystem.

Considering this, BIT Mining intends to enactment the Solana web beyond token accumulation,

BIT Mining plans to run validator nodes connected the Solana web to bolster its decentralization efforts portion earning accordant staking rewards.

BIT Mining is known for its crypto mining operations, information halfway management, and hardware manufacturing. The institution actively works connected mining machines for large assets similar Litecoin and Dogecoin. It has besides developed proprietary 7nm Bitcoin chips.

Additionally, BIT Mining has a beardown absorption connected sustainability for its Bitcoin mining operations. It operates 82.5 megawatts of mining capableness successful Ohio, powered by cleanable vigor solutions and a 51 MW hydro-powered mining installation successful Ethiopia.

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