Bitcoin (BTC) mining helps Jasmine Technology Solution stock surge 7,000%

The stock price of Thailand-based technology company Jasmine Technology Solution surged almost 7000% after Bitcoin (BTC) mining plans.
Bitcoin (BTC) mining helps Jasmine Technology Solution stock surge 7000%. Pic Credit: kaohoon.com

Key Takeaways

  • The stock of Jasmine Technology Solution is up almost up by 7000% this year amid rise in investor interest
  • In July, the Thai company announced it is expanding into Bitcoin (BTC) mining
  • Jasmine Technology Solution has mined only eight Bitcoins to date despite the massive rise in stock value.

YEREVAN (CoinChapter.com) – Jasmine Technology Solution Pcl has successfully capitalized on the growing cryptocurrency craze. The Thai technology company observed a massive rise in the popularity and price of its shares after it announced plans to expand into Bitcoin (BTC) mining. According to a recent report published by Bloomberg, Jasmine Technology Solution Pcl’s share price went up over three times since summer. 

In July, the company announced it would be venturing into the business of mining cryptocurrencies, in particular, Bitcoin (BTC). The news seems to have resonated well with local investors as they rushed to buy the company’s stocks. The spike in demand caused the stock price to rise, but that did not stop investors from buying.

Thanks to the crazy buying spree, the stock of Jasmine Technology Solution has surged nearly 7,000% year-to-date. As a result, the prospects of a possible Bitcoin (BTC) mining investment have worked like magic. With a market cap of $2 billion, the parabolic rise is the highest among the leading global technology companies. 

Recommended: JasmyCoin (JASMY) Listed on BitMart; in response, the price shot 50%

Jasmine Technology Chairman surprised at Bitcoin magic

The jump in stock value has been so incredible that the company’s Chairman is surprised at the results. He admitted in an interview that they did not expect their Bitcoin (BTC) mining plans would result in such high gains. 

“The strong response from investors has exceeded our expectations. There’s bullish optimism toward our new direction even though this is just the beginning,” 

Chairman Soraj Asavaprapha said. 
Jasmine Technology Solution's stock has surged almost 7000% since July
Jasmine Technology Solution’s stock has surged almost 7000% since July. Credit: TradingView

 

The company’s Bitcoin mining project has not generated massive returns yet, which explains Soraj Asavaprapha’s surprise at the surge. Since the announcement in July, Jasmine Technology has generated only eight Bitcoins (BTC). The company has deployed 325 mining machines on the project.  

However, according to the report, the tech company plans to invest about $98 million to acquire 7,000 new mining devices. Once that happens, the company will generate the largest shares of its revenues from the Bitcoin mining project. Soraj believes that number will be about 80% by the end of 2022.

Recommended: “Full moon” ahead for Cardano as ADA rallies 26% in a week

Thailand experienced a crypto and Bitcoin adoption boom

Jasmine Technology Solution is not the only company in Thailand attracted to the cryptocurrency craze. According to Tripple A’s cryptocurrency payment platform, 5.2% of Thai citizens (3.6 million people) own crypto. Thailand ranked second globally, with 9.9% of Thai Internet users owning cryptocurrency. 

According to the 2021 Global Crypto Adoption Index by Chainalysis, Thailand ranks 12, ahead of nations like China, Russia, and the United Kingdom. According to the same report, the country also ranks third on the Global DeFi Adoption Index.

Thailand, where Jasmine Technology Solution is based, ranks 12 on the 2021 Global Crypto Adoption Index.
Thailand ranks 12 on the 2021 Global Crypto Adoption Index by Chainalysis.

Besides Jasmine Technology Solution, other Thai companies such as AJ Advance Technology Pcl, Siam Commercial Bank Pcl, and Kasikornbank Pcl have investments in the Bitcoin (BTC) and cryptocurrency space. Moreover, seven Thailand-based crypto exchanges surged from $537 million to $6.58 billion in one year, as per the SEC report.

Despite the increased crypto adoption, regularity unclarity remains a major concern. However, should the regulators develop regulations governing digital assets in Thailand, Soraj believes Jasmine Technology will not be affected by them. Moreover, as long as the price of Bitcoin (BTC) remains above $30,000, the company will remain profitable through mining operations.

How useful was this post?

Click on a star to rate it!

close
Jasmine Technology, Bitcoin (BTC) mining helps Jasmine Technology Solution stock surge 7,000%

Subscribe Today
for our Weekly Newsletter

Free Weekly Crypto News without the spam.

Related Articles

Our Partners

SwapCoin.com RapidCoin.com ChangeNOW.com Paybis.com