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 newest information in bitcoin mining and information evaluation from Theminermag.
NIP Group (NASDAQ: NIPG), the $130 million mother or father 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 by means of 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 return on-line later this month. As soon as totally deployed, NIPG expects complete capability of about 11.3 EH/s—putting it among the many prime 20 publicly traded bitcoin miners by disclosed hashrate and the most important 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 might purchase 3.11 EH/s of on-rack mining capability from Fortune Peak and Apex Cyber Capital in trade for newly issued Class A abnormal shares. The transaction closed in September, marking the launch of a devoted digital computing division inside the firm.
In November, NIPG expanded the technique considerably, agreeing to amass an extra 8.19 EH/s of on-rack capability from Apex Cyber Capital, Prosperity Oak Holdings and Noveau Jumpstar. That deal, additionally settled largely by means of fairness issuance and convertible devices, lifted the corporate’s acknowledged long-term goal to 11.3 EH/s and signaled that bitcoin mining had change into a fabric 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 pace, however who’s on the opposite facet of the transactions.
Following the November enlargement, 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 widespread possession with Prosperity Oak by means of 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 offered on-rack capability to NIPG—beforehand offered 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 recommend a well-recognized construction: Bitmain-aligned entities transferring energized hashrate into publicly listed autos, financed by means of fairness issuance somewhat than conventional capex-heavy self-builds.
A rising proprietary mining bloc
The size of this exercise is changing 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 by means of the deployment of its personal SEALMINER machines, reinforcing a broader trade pattern: the most important 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 by means of {hardware} possession, financing arms or affiliated public shells—look like consolidating affect over a rising share of community hashrate.
This text is from Theminermag, a commerce publication for the cryptocurrency mining trade, specializing in the newest information and analysis on institutional bitcoin mining corporations. The unique article will be considered right here.
