TG12 Ventures Inc., a company in the portfolio of Block One Capital Inc., has doubled a purchase agreement for Bitcoin mining machines. The new deal covers an additional 1,000 Bitcoin miners.
Block One Capital describes TG12 as an investee company. That means Block One holds an investment in the business, while TG12 runs the mining side itself.
Doubling the agreement points to a larger mining operation. Bitcoin miners are specialized computers that process transactions on the network, and they earn new coins in return.
Since mining rewards depend on computing power, adding machines is the main way a miner can grow. More units generally mean a bigger share of the work on the network.
For Block One, the news shows that its investee is scaling up rather than holding steady. The company chose to announce the move itself, so shareholders could follow how its portfolio is changing.
Investors following Block One Capital can watch for updates on when the additional miners are delivered and brought online.
