SOS Limited jumped nearly 22%

(March 15) SOS Limited stock surges nearly 22% after the company said itexpects to generateat least 41 bitcoin (BTC-USD) and 909 Ether(ETH-USD) in Q1 2021 after mining its first bitcoin on Feb. 24, 2021.

"Our output should grow in future quarters as we receive and install our third batch of mining rigs and have a full quarter of operations for our current rigs," SOS Chief Financial Officer Steven Li said in at statement.

The company installed its second fleet of 5,000 mining rigs and expects its combined fleet to have the capacity to calculate an average of 353 Peta-Hashes per second (PH/s) for mining bitcoin and 707 Giga-Hashes per second (GH/s) for mining Ether.

Its board also commissioned an independent review of the company's cryptocurrency mining activities. As part of the review, payments from multiple mining pools were traced to SOS through the public bitcoin and ETH blockchain ledgers.

Recall that in February, short seller Culper Research saidit consideredSOS shares "worthless," alleging that SOS's claims around its cryptocurrency mining purchases and acquisition appeared to be "extremely problematic."

The company also said the review validated SOS's control over certain electronic wallets and that the rate of bitcoin and ETH payouts received in those wallets was generally consistent with the expected productivity of its deployed fleet based on its hash rate capacity.

Bitcoin pulls back to about $56.6K after topping $60K over the weekend; Ether is also down in Monday trading (~3.8% to $1,786.83).