NIP Group, the corporate parent of esports franchise Ninjas in Pyjamas, said it produced about 151.4 BTC worth roughly $14.2 million during an initial operating window from September to November 2025. The disclosure positions the company’s new mining unit as an early proof point that the business can generate meaningful revenue outside esports.
More broadly, the move signals a deliberate shift toward digital infrastructure, with mining and high-performance computing framed as additional engines alongside gaming and media. NIP is effectively pitching itself as an esports brand that is building a second business line around large-scale compute.
What the early results show
Management described the September–November period as an initial operating phase that demonstrated viability and created a baseline for scaling. The headline output, 151.4 BTC in the first months, is being used to support the idea that the mining strategy can be industrialized.
NIP Group reported current installed capacity of 9.66 EH/s, and said it expects to expand to 11.3 EH/s by the end of January 2026, a buildout that is still in progress. If that expansion lands as planned, the company would increase its share of network hashpower and strengthen the case for higher monthly production.
The company also highlighted the financing route behind the ramp, noting it issued more than 314 million Class A ordinary shares to support expansion and hardware purchases. That detail matters because the strategy is not just about output, but also about how growth is funded and what that means for shareholder dilution.
Scaling plan and what investors will judge
NIP said the ramp included acquiring additional mining rigs and framed the compute buildout as useful for both crypto mining and AI-related applications tied to gaming and streaming. The company is selling the story as “compute first,” with mining as the initial monetization path and broader HPC use as an extension.
Executives had previously projected adjusted EBITDA profitability in the latter half of 2025, a window that has already passed and now sits in the background of near-term investor expectations. Going forward, the company’s guidance of 140–160 BTC per month at scale becomes the key benchmark investors will hold it to.
Founder and co-CEO Hicham Chahine said the goal is to build large-scale computing power to pursue opportunities in high-performance computing, crypto mining, and AI applications. The strategic intent is clear: diversify revenue beyond esports by owning infrastructure that can be deployed across multiple digital workloads.
Analysts are likely to focus on practical execution: how much BTC is sold and at what prices, the real cost per BTC including energy and hosting, and whether the capacity target arrives without outsized dilution. In short, the story succeeds only if scale translates into sustainable profitability, not just bigger hashpower numbers.
The next near-term checkpoint is the planned step-up to 11.3 EH/s by the end of January 2026, which will test both production expectations and the credibility of the expansion timeline. Delivering that capacity and converting mined BTC into durable adjusted EBITDA will determine whether this pivot meaningfully reshapes NIP’s financial profile or becomes an expensive side bet.
