ISW Holdings Inc. (OTCMKTS:ISWH) jumped 25% after it offered an update to shareholders regarding its recent landmark agreement with Bitmain Technologies. Bitmain is one of the leading crypto-mining equipment producers in the world and a top cryptocurrency mining company.
The deal entered with Bitmain involves 56,000 mining rigs paired with 200 MW of power at ISW Holdings’ “POD CITY” in Georgia. Notably, the company expects the pairing of the initial 20mW of power with rigs to be up and running by October this year.According to the schedule, the company expects to have all the 56,000 miners connected to the 200MW power and operation by October 2022.
The company anticipates topline revenue or around $100 million, approximately $10 million each month, once the complement is fully operational at capacity. The amount will be hosting service fees and will not depend on the price of cryptocurrencies. The partnership is tripartite, involving ISW Holdings, Bitmain, and Bit5ive LLC. Therefore, in the coming months, ISWH is worth watching.
On Tuesday, ISWH stock surged 24% at $1.23 with more than 3.27 million shares, compared to its average volume of 693k shares. The stock has moved within a range of $1.0600 – 1.3200 after opening the trade at $1.14.