Xiangtai Food Co. aims $11 million in revenue through Bitcoin miners
The newly purchased miners should be supplied to the Company's mining site in Carthage, New York, by the end of January 2022. As a result, the Company's total mining capacity is expected to be 1,428 Bitcoin miners, producing around 132.2 PH/s following all of the miners are up and running. The Company intends to make around $7.7 million in cash contribution margin and $11 million in revenue for the first year, as per Bitcoin's average price of $49,628 for the past month.While mining activities would remain in New York, the fact that the Chinese administration has put an absolute ban on cryptocurrency enterprises could cause problems for the Company in its homeland. A Beijing District Court recently dismissed a plaintiff's request for compensation from a Bitcoin mining company for losses suffered on his investment. The case was dismissed by the court since mining is an illegal business in the country.
China's accelerated CBDC rollout plans
China's tough stance on cryptocurrencies is old and classic, as the country has banned cryptocurrencies more than a dozen times in the last decade. However, the Beijing administration is now aiming to speed up the official public release of the digital yuan. Many believe China is targeting the Winter Olympic e-CNY launch since the entire world will be watching them.The development phase for digital yuan was finished in late 2019, and the government has been evaluating its application in various areas since then. It recently launched the pilot version of the CBDC wallet for Android and iOS users. WeChat, the world's most popular social messaging and payment app with over a billion users, also announced on Thursday that it would accept e-CNY payments on its platform.
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