Esports Team Ninjas in Pyjamas Mines $14 Million in Bitcoin as Operation Expands

Key Highlights

• In Thursday’s announcement, the firm updated that estimate to 140 BTC per month (currently about $13.5 million worth).
• Mining refers to the act of securing the Bitcoin network by using high-powered computers to crunch calculations, with each block reward winner earning a bounty of 3.125 Bitcoin (about $303,000) plus user fees.
• Bitcoin mining is an energy-intensive process that's typically operated by large companies or groups with warehouses full of dedicated, specialized computers.
• In November, NIP Group said it had acquired mining rigs with a combined hash rate of approximately 8.19 EH/s from sellers including Apex Cyber Capital, Prosperity Oak Holdings, and Noveau Jumpstar.
• In exchange, NIP Group agreed to issue over 314 million Class A ordinary shares.