In a landmark corporate pivot, global esports organization NIP Group Inc. has successfully mined approximately 151.4 Bitcoin, valued at roughly $14.5 million, during its first formal quarter of Bitcoin mining operations between September and November. The company, publicly traded on Nasdaq under the symbol NIPG, has rapidly scaled its operational hash rate to 9.66 exahashes per second (EH/s), immediately positioning it among the top 20 publicly listed Bitcoin mining firms in the United States and the largest in the Middle East and North Africa (MENA) region.
The strategic move represents a significant diversification for the parent company of the famed Ninjas in Pyjamas esports team. NIP Group announced its plans to enter Bitcoin mining in July and expanded its fleet in November by acquiring equipment with 8.19 EH/s of capacity, paid for through the issuance of over 314 million Class A ordinary shares. The company now expects to reach a total operating capacity of 11.3 EH/s by the end of January, with a target of mining 140 Bitcoin per month.
"The production data demonstrates we can deploy mining infrastructure at scale and generate substantial Bitcoin output," said Hicham Chahine, Co-CEO of NIP Group. He described the mining operation as a "second growth engine" that complements the company's entertainment portfolio, positioning NIP at the intersection of digital assets, computational infrastructure, and gaming. Chahine also noted the optionality to expand into artificial intelligence workloads in the future, though the current primary focus remains on maximizing Bitcoin holdings and hash rate.
Industry analysts highlight the rarity of breaking into the top tier of U.S. public miners within a first operational quarter, suggesting NIP secured hardware during a favorable market cycle and executed flawlessly. The company's 9.66 EH/s hash rate means it contributes nearly 2% of the total global Bitcoin network hash rate, which has exceeded 500 EH/s. This achievement is seen as validating a new model for esports and gaming organizations to leverage their expertise in high-performance computing and 24/7 global operations for sustainable revenue diversification.
The timing of the launch is considered crucial, as it positions the company ahead of the next Bitcoin halving event, anticipated in 2024, which will cut block rewards in half and pressure miner profitability. NIP Group indicated it will sell mined Bitcoin when market conditions are appropriate to fund expansion or cover operational costs, managing the asset's inherent volatility. The firm's stock (NIPG) traded flat around $1.10 on the announcement day but has declined nearly 54% over the prior six months.
