While most of the attention in recent months has focused on publicly traded miners vying to add hashrate or pivot to AI, one of the fastest-growing Bitcoin mining operations is expanding largely out of the spotlight.
This article first appeared in Miner Weekly, Blocksbridge Consulting’s weekly newsletter that brings together the latest Bitcoin mining and data analysis news from Theminermag.
NIP Group (NASDAQ: NIPG), the $130 million parent company of esports brand Ninjas in Pajamas, revealed on Thursday that its Bitcoin mining operation produced 151.4 BTC during its initial period of operation from September to November 2025. At current prices, that output equates to approximately $14.2 million in revenue.
The company also said that following the partial completion of the previously announced transaction, installed mining capacity has reached 9.66 EH/s, with a further 1.64 EH/s expected to come online later this month. Once fully deployed, NIPG expects its total capacity to be approximately 11.3 EH/s, placing it in the top 20 publicly traded Bitcoin miners by published hashrate and the largest in the Middle East and North Africa by reported capacity.
From esports to hashrate
NIPG’s move into Bitcoin mining began in July, when the company announced it would acquire 3.11EH/s of on-rack mining capacity from Fortune Peak and Apex Cyber Capital in exchange for newly issued Class A common stock. The deal closed in September and created an in-house division dedicated to digital computing.
In November, NIPG significantly expanded its strategy, agreeing to acquire an additional 8.19 EH/s of on-rack capacity from Apex Cyber Capital, Prosperity Oak Holdings, and Noveau Jumpstar. The deal, which was also settled primarily through a stock issue and convertible product, raised the company’s stated long-term target to 11.3 EH/s and signaled that Bitcoin mining has become a significant second business area alongside gaming and entertainment.
Ownership link points to Antalfa
What makes NIPG’s mining drive particularly noteworthy is not only its speed, but also who is on the other side of the transactions.
After the November expansion, Apex Cyber Capital held approximately 31.2% of NIPG shares, and Prosperity Oak Holdings controlled approximately 29.4%. Fortune Peak, the original seller of the on-rack capacity, shares common ownership with Prosperity Oak through Chiu Chang-Wei.
Mr. Chiu is also a director of Antalpha, Bitmain’s fundraising and finance division. In parallel, Mr. Chiu leads Cango. Cango has gone through its own pivot to mining and has emerged as one of the largest indigenous Bitcoin miners. Fortune Peak (the same entity that sold on-rack capacity to NIPG) had previously sold mining capacity to Cango during its transformation into a large-scale prop miner. Additionally, Cango’s Chief Investment Officer Simon Ming Yeung Tang was appointed to NIPG’s board following the acquisition in July.
Taken together, these transactions suggest a familiar structure. In other words, companies working with Bitmain are transferring the energized hashrate to publicly traded vehicles and raising funds through stock issuance rather than building their own vehicles, which requires traditional capital investment.
Unique mining block that continues to grow
The scale of this activity is becoming impossible to ignore.
Cango has revealed a mining capacity of around 50 EH/s, while NIPG is closer to 11 EH/s, suggesting that its own mining operations in conjunction with known Bitmain currently total over 60 EH/s. This number alone would make the Bitmain camp one of the largest Bitcoin miners in the world, even without considering undisclosed capabilities or third-party arrangements.
Timing is also important. In December, Bitdeer significantly increased its achieved hashrate through the deployment of its proprietary SEALMINER machine, reinforcing the industry-wide trend. The largest proprietary miners are increasingly the ones with access to proprietary hardware.
As public miners grapple with compressing hash prices, increasing funding costs, and diluting shareholders, vertically integrated players appear to be increasing their influence over increasing shares of network hashrate through hardware ownership, funding arms, and associated public shells.
This article comes from Theminermag, a trade publication for the crypto mining industry, focusing on the latest news and research about institutional Bitcoin mining companies. The original article can be found here.
