Why Sos Shares Spiked 23% Right this moment

Sos Ltd (NYSE:SOS) shares closed over 23% greater on Tuesday after the corporate stated it had put in a second batch of cryptocurrency mining rigs.

What Occurred: The China-based emergency rescue companies firm stated it had put in 5,000 cryptocurrency mining rigs.

The set up of the second wave of miners brings the mixed mining capability at Sos to 353 Peta-Hashes per second (PH/s) for Bitcoin (CRYPTO: BTC) and 707 Giga-Hashes per second (GH/s) for Ethereum (CRYPTO: ETHER). 

Sos additionally disclosed that, on Feb. 24, it was awarded its first BTC from profitable mining actions. BTC traded 8.57% decrease at $54,416.66 at press time, whereas ETH traded 6.62% decrease at $1,741.56.

Sos board additionally introduced an unbiased assessment of its cryptocurrency mining actions, which contain monitoring funds from a number of mining swimming pools to Sos via public blockchains.

Why It Issues: Sos expects to generate 41 BTC and 909 ETH within the first quarter of 2021, as per an announcement.

“Our output ought to develop in future quarters as we obtain and set up our third batch of mining rigs and have a full quarter of operations for our present rigs,” stated Sos Chief Monetary Officer Steven Li.

Final month, Sos had introduced receiving 5,000 items of cryptocurrency mining rigs forward of schedule.

The corporate’s mining rig vendor had on the time confirmed that it had sufficient stock to satisfy the following two batches of shipments on schedule.

Value Motion: Sos shares closed 23.08% greater at $8.16 on Monday and fell 3.06% to $7.91 within the after-hours buying and selling.

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