BitPlanet launches Bitcoin mining with 90 BTC annual target, deploying facilities in Oman and Paraguay

BitPlanet, a company transitioning from public IT and security to digital assets, has launched its Bitcoin mining operations with a significant investment of 15 billion won. The company announced a strategic memorandum of understanding (MOU) with Nasdaq-listed Antalpha and other mining ecosystem partners to collaborate on Bitcoin mining.

The newly acquired mining equipment will be deployed in overseas locations such as Oman and Paraguay. These regions were selected for their advantageous electricity rates and stable power infrastructure, crucial factors for the profitability of mining operations. BitPlanet plans to utilize an overseas consignment model, combining entrusted operations with joint ventures, to optimize electricity costs and enhance operational efficiency.

The company has set an ambitious target of mining over 7 BTC per month, aiming for a total of up to 90 BTC annually. BitPlanet emphasized its focus on securing a stable revenue structure amidst Bitcoin's price volatility. This will be achieved by strategically placing equipment in low-cost electricity areas and adjusting operational rates based on market conditions.

The 15 billion won investment will be funded through a combination of internal capital and external financing. BitPlanet recently secured 5 billion won through the issuance of its 17th convertible bond (CB), with the remaining funds coming from its own reserves. The company views this mining venture not merely as a new business but as an integral part of its mid-to-long-term growth strategy. The mined Bitcoin will be recognized as accounting revenue and managed as long-term financial assets, serving as liquidity reserves, risk hedging funds, and reinvestment capital.

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The cooperation with Antalpha is a signal that BitPlanet has officially entered the global BTC mining ecosystem. In the future, we will continue to cooperate with Antalpha and its ecosystem partners in BTC mining, digital asset infrastructure, and related financial services, and gradually expand the scope of our partnerships.