The Thai tech company, Jasmine Technology, sees its shares rise by a whopping 6,700% since announcing its foray into Bitcoin mining. The massive surge in its share price is now the highest among tech companies in 2021.
In July 2020, Jasmine Technology Solution PCL announced that it would begin Bitcoin mining. Ever since then, the company’s share prices have shot through the roof by a whopping 6,770%. Its market value is already pegged at around $2 billion even though the company is yet to earn a sizable amount of revenue through its crypto mining project.
Jasmine Technology has been a big player in Thailand’s telecom equipment market for a while now. It generated around $14.8 million in total revenue in its most recent quarter.
According to Soraj Asavaprapha, Chairman of Jasmine Technology Solution PCL, there has been a strong response from investors. He admitted that while there was a bullish optimism toward his company’s new venture, the valuation has certainly exceeded expectations.
It is reported that the Thai company’s Bitcoin mining farm will contribute to around 80% of the company’s revenue from the total turnover. However, the project is said to be sustainable only if the cryptocurrency remains above the $30,000 mark.
Based on data made available by Blockchain.com, it is estimated that around 90% of Bitcoins have already been mined. But it will take another 100 years to recover the remaining 10%, leaving companies like Jasmine Technology very optimistic about their crypto-mining investments.