Whereas most consideration in current months has targeted on publicly traded miners racing so as to add hashrate or pivot towards AI, one of many fastest-growing bitcoin mining operations has expanded largely exterior the highlight.
This text first appeared in Miner Weekly, Blocksbridge Consulting’s weekly publication curating the most recent information in bitcoin mining and information evaluation from Theminermag.
NIP Group (NASDAQ: NIPG), the $130 million father or mother firm of esports model Ninjas in Pyjamas, disclosed on Thursday that its bitcoin mining operations produced 151.4 BTC throughout an preliminary working interval from September via November 2025. At present costs, that output represents roughly $14.2 million in income.
The corporate additionally stated its put in mining capability has reached 9.66 EH/s following the partial closing of a beforehand introduced transaction, with one other 1.64 EH/s anticipated to come back on-line later this month. As soon as absolutely deployed, NIPG expects complete capability of about 11.3 EH/s—putting it among the many high 20 publicly traded bitcoin miners by disclosed hashrate and the biggest by reported capability within the Center East and North Africa.
From esports to hashrate
NIPG’s transfer into bitcoin mining started in July, when the corporate introduced it could purchase 3.11 EH/s of on-rack mining capability from Fortune Peak and Apex Cyber Capital in alternate for newly issued Class A atypical shares. The transaction closed in September, marking the launch of a devoted digital computing division throughout the firm.
In November, NIPG expanded the technique considerably, agreeing to accumulate a further 8.19 EH/s of on-rack capability from Apex Cyber Capital, Prosperity Oak Holdings and Noveau Jumpstar. That deal, additionally settled largely via fairness issuance and convertible devices, lifted the corporate’s said long-term goal to 11.3 EH/s and signaled that bitcoin mining had grow to be a cloth second enterprise line alongside gaming and leisure.
Possession hyperlinks level again to Antalpha
What makes NIPG’s mining push significantly notable isn’t just its velocity, however who’s on the opposite aspect of the transactions.
Following the November growth, Apex Cyber Capital held about 31.2% of NIPG, whereas Prosperity Oak Holdings managed roughly 29.4%. Fortune Peak, the unique vendor of on-rack capability, shares frequent possession with Prosperity Oak via Chiu Chang-Wei.
Chiu can be a director at Antalpha, the financing and treasury arm of Bitmain. In parallel, Chiu has been heading Cango, which has emerged as one of many largest proprietary bitcoin miners following its personal pivot into mining. Fortune Peak—the identical entity that bought on-rack capability to NIPG—beforehand bought mining capability to Cango throughout its transformation right into a large-scale prop miner. Moreover, Simon Ming Yeung Tang, the chief funding officer of Cango, was appointed to the board of NIPG after the July buy.
Taken collectively, the transactions counsel a well-known construction: Bitmain-aligned entities transferring energized hashrate into publicly listed automobiles, financed via fairness issuance quite than conventional capex-heavy self-builds.
A rising proprietary mining bloc
The size of this exercise is turning into tough to disregard.
Cango has disclosed roughly 50 EH/s of mining capability, whereas NIPG is approaching 11 EH/s, implying that recognized Bitmain-aligned proprietary mining operations now complete greater than 60 EH/s. That determine alone would make the “Bitmain camp” one of many largest bitcoin miners globally, even earlier than accounting for undisclosed capability or third-party preparations.
The timing can be notable. In December, Bitdeer sharply elevated realized hashrate via the deployment of its personal SEALMINER machines, reinforcing a broader business pattern: the biggest proprietary miners are more and more these with entry to proprietary {hardware}.
As public miners grapple with compressed hashprice, rising financing prices and shareholder dilution, vertically built-in gamers—whether or not via {hardware} possession, financing arms or affiliated public shells—seem like consolidating affect over a rising share of community hashrate.
This text is from Theminermag, a commerce publication for the cryptocurrency mining business, specializing in the most recent information and analysis on institutional bitcoin mining firms. The unique article will be seen right here.
