NIP Group, the parent company of the renowned esports organization Ninjas in Pyjamas, has announced its intention to enter the Bitcoin mining market.
Entry into the Mining Industry
The company aims to produce 60 BTC per month by purchasing a series of mining rigs with a total computational power of 3.11 EH/s. The projected value of this amount of mined Bitcoin is approximately $6.5 million at current prices.
New Management Structure
NIP Group has established a new unit to manage mining operations called the Digital Computing Division. Although details on how it will evaluate Bitcoins have not been disclosed yet, this division will also be responsible for future mining investments.
Investor Reaction
Following the announcement to enter the mining sector, the company's shares have fallen 17%, dropping to $2.13. They have decreased by 88% since their peak of $17.76 in July 2024.
NIP Group's transition to Bitcoin mining indicates a growing trend among esports companies to engage in digital infrastructure and asset management alongside content production.
