Midland Education’s 2022 annual revenue from cryptocurrency-related businesses totals 81.599 million yuan, accounting for 20.4% of total revenue
Midland Education released its 2022 annual report. During the year, Midland’s total revenue was 399 million yuan, a decrease of 45.2% from 729 million yuan in 2021. Among them, in 2022, Midland’s cryptocurrency-related business will have a total revenue of 81.599 million yuan, accounting for 20.4% of the total revenue.
Midland Education pointed out that in the fiscal year ending December 31, 2022, Bitcoin mining contributed the vast majority of revenue. Midland Education states that it stores all mined bitcoins in hot wallets or cryptocurrency wallets connected to the Internet, and may convert mined bitcoins into legal tender from time to time to generate cash flow for the subsidiary’s business Operations are financed.
As of December 31, 2022, the subsidiary has a total of 1,754 mining machines, and a total of 1,482 have been deployed, accounting for 84.5%, with a total computing power of 140PH/S. Through subsidiaries, Midland manages and operates our mining machines from three colocation facilities operated by colocation facility owners in Tennessee and Kentucky, respectively. In the fiscal year ending December 31, 2022, a total of 84.9638 bitcoins were mined, generating approximately 16.5966 million yuan in revenue.