Gaming and e-sports firm NIP Group (NIPG) has announced the acquisition of 3.11 Exahash-per-second (EHps) worth of Bitcoin mining machines amid a multi-company merger.

In July, NIP had revealed its intention to purchase Bitcoin mining machines from Fortune Peak Limited and Apex Cyber Capital Limited in return for an issuance of approximately 119,553,439 Class A ordinary shares in the company.

In its most recent announcement, NIPG confirmed the acquisition of the Bitcoin mining machines, which have an aggregate mining hashrate of 3.11EHps, and are able to mine approximately 60 Bitcoins per month.

The issuance of the shares and the purchase of the machines were closed on September 5, and NIP stock was issued to Apex Cyber Capital Limited and Prosperity Oak Holdings Limited (to which Fortune Peak Limited assigned all of its rights).

“The completion of this transaction marks a key milestone in our expansion into the crypto asset space and the establishment of our digital computing capabilities. These mining assets are now fully integrated into our operations, positioning us well to create additional value for our Company and stakeholders,” said Hicham Chahine, co-CEO of NIPG.

NIPG also appointed two new directors to the board of the company. Simon Ming Yeung Tang and Kee Wee Kiang Kenneth bring experience from the worlds of investment banking, corporate law, and finance, as well as Bitcoin mining.

Chahine welcomed the two new additions to the boardroom and emphasised NIPG’s intentions to use its mining operations to support emerging use-cases in AI and HPC.

He said: “Over time, we see significant opportunities to optimize performance, explore capacity enhancements, and leverage this computing foundation to support emerging applications across AI and other compute-intensive sectors. We are also pleased to welcome two crypto-focused professionals to our board, as we build out our digital infrastructure and further strengthen our governance.”

NIPG also announced a strategic relocation to Dubai following a multi-year agreement with the Abu Dhabi Investment Office (ADIO), which gives NIPG access to financial, and non-financial, growth opportunities for a four-year period.