Singapore Myanmar Investco (SMI) investment firm has announced the purchase of 800 bitcoin mining machines, which would be deployed at locations across Southeast Asia.
The move will give the company’s retail consumers access to cryptocurrency mining, according to Mark Bedingham, the company’s CEO, “while creating tremendous shareholder value.”
SMI, which is listed on the Singapore Stock Exchange, formerly concentrated on areas such as travel and fashion retail, car and construction services, and logistics.
However, the company said last month that it was shifting its focus to software services, including a cryptocurrency cloud mining platform initially centred on Bitcoin, Filecoin, and Chia.
SMI reached an arrangement with The9, a Nasdaq-listed Chinese Internet startup, to do this. SMI expected to establish its crypto mining company in Q4 2021, with mining equipment located across Canada, the United States, Central Asia, and Southeast Asia, according to the initial announcement.
Hang Zhou Suan Li Technology Co Ltd (NHASH), a cryptocurrency cloud mining blockchain SaaS firm, has provided help to SMI.
SMI was also given the opportunity to buy up to 4,000 crypto mining equipment under the terms of the agreement, including Bitmain’s Antminer S19j and MicroBT’s Whatsminer M31S+.
The initial batch of up to 800 devices will be delivered “over the next two to three months,” according to the business.
SMI plans to purchase the rest of the order after they are “in place and operating.” SMI isn’t the first corporation to convert to cryptocurrency mining.
Another notable example is BIT Mining, a Chinese Bitcoin mining business that transferred a portion of its operations to Kazakhstan earlier this year.
The company, formerly known as 500 Lotteries, was primarily focused on the lottery sector until December 2020, when it began its transfer to the crypto industry.
BIT Mining also purchased BTC.com, one of the major Bitcoin mining pools, to strengthen its position. The company didn’t completely sell off its Chinese lottery business until June of this year.
