BIT Mining has decided to enter the Solana ecosystem. The company wants to build a SOL treasury worth up to $300 million. It will fund this in phases. Management plans to raise $200 million to $300 million over time. The money will go toward buying SOL tokens. They also plan to convert their current crypto holdings into SOL.
BIT Mining is leading the policy in the direction of Solana. The company has a specific interest in the scalability and speed of Solana and its growing community of developers. The management believes that its technical competence and configuration in place would enable it to flourish in the environment. Possession of SOL and using the same to secure the network is the objective of BIT Mining to realize value creation in the long run.
Furthermore, the company shall run validator nodes in the Solana network. The move shall increase the security of the network while at the same time generating the company’s new line of incremental streams of revenues in the form of revenues from the staking. BIT Mining regards the action as being to augment stability and improve the quality of the performance. Investment in the company’s Solana now forms one of the company’s future development infrastructures.
Solana is key to BIT’s mining strategy
BIT Mining continues to maintain its core business in mining and data centers. The business also manufactures high-end mining machines and designs them. Its machines come with 7 nm chips to accommodate many different cryptos. The company now wants to expand beyond mining to the broader space of blockchain infrastructure.
It makes sense in the long term. Instead of being focused on only Bitcoin or early coins, BIT Mining is looking for exposure to high-growth spaces. That list has Solana near the top. Speed, cost efficiency, and high dev activity form a strong competitive package. The company looks at the modern use cases for blockchains and sees the forefront of those in Solana.
BIT Mining expands into the Solana ecosystem
The plan places Solana at the center of the BIT Mining plan. The company will have and keep in reserve a SOL treasury. It believes the future holder position will create value in the future. Other than the asset holding, BIT Mining will also be involved in securing the Solana network by running validator nodes. The action would place its position in the ecosystem even more front and center.
The business will grow in steps. It will continuously pursue the marketplace and expand the scope of activities. The approach is one of agility and belief in the speed of Solana.
BIT Mining sets out to stay one step ahead of change. By investing in a fast-burgeoning network like Solana, it wants to establish the future-proof model. If the initiative bears fruits, it shall take the company deep into the inner workings of blockchain creation.
