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Car loan P2P companies transform into Bitcoin Mining, Nasdaq stock price soars 1451%
Recently, a Chinese company that originally engaged in P2P business has completed its transformation on the NASDAQ market in the United States. This company, once known as "the first stock of Chinese car loans," has shifted its business focus to Bitcoin Mining after undergoing an investigation into illegal public deposit collection.
It is reported that the company has been renamed Bit Digital and has adjusted its trading code to "BTBT". Public information shows that Bit Digital's new business model includes large-scale Bitcoin mining operations, with over 20,000 Bitcoin mining machines put into operation.
According to the semi-annual report disclosed by Bit Digital on the official website of the U.S. Securities and Exchange Commission ( SEC ), the company's deployed Bitcoin mining hash rate reached 1250 PH/S in the first half of 2020, ranking first among publicly listed companies on NASDAQ in terms of Bitcoin hash rate scale. The company's Bitcoin mining operations began in February 2020, and within just a few months, it deployed 22,869 mining machines, mining a total of 949.51 Bitcoins. As of June 30, 2020, its Bitcoin mining business revenue reached $690,000.
It is worth noting that as the Bitcoin market continues to heat up and coin prices keep climbing, Bitcoin-related concept stocks on Nasdaq are generally showing an upward trend. Data shows that Bit Digital's stock price fell to a low at the beginning of 2020, but began to rise continuously after the company started its mining operations, with an annual cumulative increase of up to 1451.55%.
This transformation case reflects the trend of traditional financial enterprises transitioning to the digital currency sector, while also highlighting the attractiveness of Bitcoin Mining businesses in the current market environment. However, investors should still carefully assess the associated risks when focusing on such high-growth concept stocks.