In brief
- Ninjas in Pyjamas parent company NIP Group mined over $14 million worth of Bitcoin in the first three months of its operation.
- The company is bringing more mining rigs online and aims to mine over $13 million worth of BTC monthly once fully up and running.
- Ninjas in Pyjamas is best known for its esports teams and competitors.
NIP Group Inc., the publicly traded parent company of long-running esports team organization Ninjas in Pyjamas, announced Thursday that it mined approximately 151.4 Bitcoin—about $14.5 million worth—during its initial three months of operation from September through November.
The company, which trades as NIPG on the Nasdaq, first revealed plans to enter Bitcoin mining last July. In November, the company said that it was expanding its fleet of mining rigs, targeting monthly production of 160 BTC. 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.
NIP Group said Thursday that its mining capacity currently sits at 9.66 EH/s, positioning it among the top 20 publicly traded Bitcoin miners in the United States and the largest in the MENA region. The company expects to achieve total operating capacity of approximately 11.3 EH/s later this month once final tranches of the deal are completed.
"These production results prove what we set out to demonstrate—that we can deploy mining infrastructure at scale and generate meaningful Bitcoin output,” said NIP Group Co-CEO Hicham Chahine, in a statement.
“With 9.66 EH/s now operational and the remainder closing soon, we've built a second growth engine that complements our entertainment portfolio,” he added. “This positions us uniquely at the intersection of digital assets, computing infrastructure, and gaming—with optionality to expand into AI workloads as that market develops.”
In November, NIP Group told Decrypt that its primary focus was maximizing Bitcoin holdings and mining hash rate. However, the company said it would sell Bitcoin when market conditions are "appropriate" to cover expansion or operational costs.
NIP Group is primarily a digital entertainment company known for esports and gaming ventures, including its competitive esports team Ninjas in Pyjamas, which competes at top levels in games like Counter-Strike 2, Valorant, League of Legends, and Rocket League.
The firm’s stock is flat Thursday at a recent price of $1.10, but has fallen nearly 54% over the last six months per data from Yahoo Finance.