BitPlanet Deploys 1,204 Bitmain Hydro-Cooled Rigs in Oman and Paraguay

Key Takeaways

• BitPlanet paid $9,999,228 (about ₩13.4 billion) for 1,204 Bitmain hydro-cooled rigs, now live in Oman and Paraguay.
• The 0.86 EH/s fleet could produce nearly double its 7 BTC monthly target at current difficulty; the guidance looks net of costs.
• Korea’s first regulated Bitcoin treasury company is shifting from buying coins to producing them, with mined BTC booked as revenue.

A corporate Bitcoin treasury grows only as fast as it can raise cash and buy at market. BitPlanet, the former SGA Co. bought out by a Sora Ventures-led consortium a year ago this week, holds 300 BTC at last count against a 10,000 BTC ambition. Wednesday’s filing adds a second engine. Mined coins will be booked as revenue, and CEO Lee Sung-hoon said outside lawyers and accountants were needed on contracts, disclosures and currency procedures for lack of domestic precedent. Other KOSDAQ names will copy that template.

The 454 S21 XP Hydro (473 TH/s) and 750 S21e XP Hydro (860 TH/s) units deliver roughly 860 PH/s, about 0.09% of a network running near 930 EH/s. At current difficulty, that is nearly 13 BTC a month at full uptime. BitPlanet is guiding to 7. The gap likely reflects hosting fees, joint-venture splits and downtime: management is quoting net output.

Hashprice spent most of spring and summer between $30 and $33 per PH/s per day, a level Hashrate Index calls breakeven or worse for many operators, before bouncing about 22% in a month as Bitcoin recovered into the high $70,000s. VanEck estimates May’s miner revenue fell 26% year on year, with incumbents selling coins and diverting power to AI. BitPlanet bought hashrate while the industry was offloading it, and at 12 to 13 J/TH its rigs would be among the last switched off if margins compress. Splitting the fleet between Omani gas and Paraguayan hydro hedges energy and political risk.

• Sept 11, 2025: $50M consortium buyout of SGA completed; rebrand to BitPlanet
• Oct 26, 2025: First regulated purchase, 93 BTC
• Feb 26, 2026: Treasury reaches 300 BTC
• June 25, 2026: Antalpha MOU; ₩15 billion equipment plan announced
• Sept 9, 2026: Completion disclosed; 1,204 rigs deployed

Eighty-four BTC a year would lift holdings nearly 30% annually without touching capital markets, meaningful but far short of 10,000. A second phase is likely if the joint ventures perform, and the Sora consortium’s other listed names will watch the accounting as closely as the coin count.

BitPlanet has used a routine filing to answer the question hanging over every treasury company: what happens when buying at spot stops being enough. Mining is harder than accumulating, and hosting partners now matter as much as Bitcoin’s price. If the first 84 coins arrive below market cost, a 1997-vintage Korean software vendor will have shown Asia’s listed companies a second way to own Bitcoin.