Xiangtai Food (NASDAQ:PLIN) is trading 7.69% higher pre-market after announcing a deal to buy 686 spot Bitcoin miners worth US$6M, to be delivered at the firm's mining facility site in Carthage, New York by the end of Jan. 2022. The agri business, through its U.S. subsidiary SonicHash, entered into a purchase agreement with a global bitcoin mining hardware company to acquire the miners, which have a hash rate of 92 TH/s. The investment is expected to boost the hash rate of the company's miner fleet by over 63,000 TH/s. As a result, the firm's total mining operations are expected to consist of 1,428 Bitcoin miners, generating ~132.2 PH/s once all miners are put in full operation. Based upon the Bitcoin's average price at US$49,628/BTC for the past month, Xiangtai Food expects to generate ~$11M in revenue and $7.7M in cash contribution margin for the first year. Erick Rengifo, CSO of the company,
