Bitplanet announced it has signed a memorandum of understanding (MoU) with Nasdaq-listed Antalpha and its mining ecosystem partners to enter the Bitcoin mining business. The South Korean company will deploy KRW 15 billion (approximately $10.8 million) in mining equipment at colocation sites in Oman and Paraguay, with operations beginning this month.
A shift from buying to mining Bitcoin
Bitplanet is moving beyond the familiar corporate treasury playbook of raising capital and buying spot BTC. Instead, the company is shifting toward a production-based model: earning Bitcoin through hashpower and cost control rather than balance-sheet purchases.
The company selected Oman and Paraguay for their competitive electricity costs and stable power infrastructure; Oman has emerged as a Middle Eastern mining hub, while Paraguay offers abundant renewable hydroelectric power.
The related mining equipment will operate under a colocation model that combines outsourced operations and joint ventures to optimize power costs and operational efficiency.
The target and treasury strategy
The short term objective? Bitplanet targets more than 7 BTC per month and over 80 BTC annually from its first deployment. Mined Bitcoin will be recognized as operating revenue and managed as long term financial assets across liquidity reserves, risk-hedging funds, and reinvestment capital, a structure the company calls a Digital Asset Treasury (DAT).
CEO Paul Lee called the partnership “an important milestone,” marking the point where the company’s operational model begins translating into tangible results.
The current state of Bitcoin mining: Squeeze, pivot, and sovereign pools
Maybe you haven’t realized, but Bitcoin mining is navigating one of its toughest cycles, with hash price and profits squeezed as the network hashrate stays near record highs and mining profitability remains depressed.
Public miners dumped over 32,000 BTC in the first quarter of 2026 just to keep the lights on (a new record), while some are pivoting to AI infrastructure to make better use of their power capacity. At the same time, Oman just made it mandatory for all local miners to use their state-backed pool, Omanhash.om, similar to what Kazakhstan does.
With all this going on, Bitplanet is skipping the usual route of just buying Bitcoin and is instead mining its own by locking in cheap power in up-and-coming spots like Oman and Paraguay.
This move lets them take advantage of low energy costs in a tough industry where everything comes down to power prices and smooth operations. The big question now is whether Bitplanet can hang onto enough of that mined Bitcoin after paying the bills to keep the whole thing running.
