Chinese electric vehicle manufacturer Kaixin is looking for a strategic shift with plans to acquire a controlling stake in a Middle Eastern cryptocurrency mining operation.

The announcement depicts a major jump and diversification from its traditional automotive business.

Kaixin in advanced stages of acquisition

According to Kaixin’s press release, the Beijing-based company is in advanced stages of evaluating the potential acquisition.

The target operation features cost-efficient Bitcoin mining machines and provides comprehensive cloud hosting services to meet growing industry demand.

Kaixing stated that the facility’s key advantage lies in its access to stable, long-term energy supplies. The company stated that this is crucial for maintaining profitable operations.

This energy security aspect appears to be a primary driver behind the strategic choice of location.

Kaixin currently operates as a leading new energy vehicle manufacturer in China. The company maintains professional teams across R&D, production, and marketing.

Unlike many traditional automotive companies, Kaixin’s move into cryptocurrency mining represents a different and bold strategic pivot.

The company aims to use its existing expertise in sustainable operations while expanding into the crypto sector.

Kaixin stated in its press release:

“This acquisition represents our commitment to exploring new growth avenues while maintaining our core automotive excellence.”

However, the exact timeline for when the deal will close remains unclear as the company continues its evaluation process. 

The global crypto market cap has also surged past $3.04 trillion as Bitcoin (BTC) has created new all-time highs in the past few days. Alongside BTC, several other altcoins have exhibited double-digit gains in the last seven days.

Hut 8 has announced an upgrade to its ASIC fleet with the purchase of 31,145 Antminer S21+ units at $15 per terahash.

North American cryptocurrency mining giant Hut 8 has unveiled plans to upgrade its ASIC fleet with the purchase of 31,145 Bitmain Antminer S21+ miners.

In a Nov. 6 press release, the Miami-headquartered mining company stated that under the purchase agreement, it will acquire the miners at $15.00 per terahash, with delivery expected in early 2025. This upgrade is set to add 3.7 exahashes per second to Hut 8’s self-mining capacity, boosting it to approximately 9.3 EH/s, a 66% increase from current levels.

The new units are expected to enhance fleet efficiency by 37%, lowering average energy consumption per terahash from 31.7 to 19.9 joules, according to the press release.

Hut 8 upgrades mining fleet

Alongside an existing option to purchase an additional 15 EH/s of Bitmain miners at its Vega site, Hut 8 stated its goal to reach around 24 EH/s in self-mining hashrate and 15.7 J/TH in fleet efficiency by mid-2025.

Hut 8 chief executive Asher Genoot noted that the S21+ offers a “faster payback period than more efficient models across a wide band of future hashprice scenarios,” adding that these machines could help the company optimize investment returns. Following the news, Hut 8 shares rose nearly 7.6% to $16.74, according to data from Nasdaq.

The upgrade comes just a few months after Hut 8 expanded its partnership with Bitmain, revealing the upcoming launch of the U3S21EXPH, a next-generation ASIC miner capable of reaching up to 860 TH/s. Scheduled for deployment in Q2 2025, the miner is the first mass-commercialized ASIC model to feature direct liquid-to-chip cooling in a U-form factor.

Bitcoin mining company Riot stocks are predicted to make a comeback after experiencing a 28.96% decline in year-to-date. Its shares are on an upward trend in anticipation of the company’s Q3 2024 earnings report on Oct. 30.

According to data from Trading View, Riot’s stocks are on the rise at nearly 3% in the past day. The Bitcoin (BTC) mining company is expected to release its third quarter 2024 earnings on Oct. 30 after markets close at 4:00 PM EST.

Riot Platform’s shares have been experiencing a year-to-date decline of 28.96%. Although, its stock price has seen a rise of 13.91% in the past year. In fact, the company is anticipating a loss of $0.16 per share with revenues of $95.35 million. At the time of writing, the Riot stock is trading hands at $10.87.

Although things are not looking good, there are signs that suggest a turnaround for Riot may be possible. Riot’s shares are on a bullish run, going above their five, 20,and 50-day exponential moving average. If it can maintain its bullish pressure, Riot Platforms could experience a comeback.

Moreover, Riot’s moving average convergence or divergence is indicated to be positive, at 0.73. While the stocks’ Relative Strength Index is at 73.07, which means that the stock is currently in overbought territory.

Based on data on Trading View, the stock has been going up due to a similar rise also found in other crypto mining stocks.

On Oct. 29, Riot Platforms posted a reminder on its X account that the company will be holding a conference call to go over its third quarter Q3 2024 earnings report on Oct. 30 4:30 PM EST. Its previous Q2 2024 earnings report showed a total revenue of $70 million, decreasing by 8.7% compared to its Q2 2023 revenue, which was $76.7 million.

The company stated the decrease was driven by a $9.7 million decrease in engineering revenues. Though, this was offset by a $6 million increase in Bitcoin mining revenue.

According to its press release, Riot is a Bitcoin mining and digital infrastructure company focused on a vertically integrated strategy. Founded in 2000, Riot has Bitcoin mining operations located in central Texas and Kentucky, as well as electrical switchgear engineering and fabrication operations in Denver, Colorado.