On August 24, the funding and administration firm, Singapore Myanmar Investco Restricted (SMI), revealed the corporate is getting into the bitcoin mining trade because it has ordered 800 mining rigs to be delivered to Southeast Asia. The transfer follows numerous companies pivoting towards digital foreign money mining.
Singapore Myanmar Investco Pivots Towards Bitcoin Mining
In 2021, numerous companies from Asia have been pivoting towards providing blockchain providers and working mining services. For example, Bitcoin.com Information has reported on companies like China-based gaming and web firm, The9, and its resolution to maneuver into the bitcoin mining sector.
Alongside this, the U.S. publicly-listed Chinese language sports activities lottery agency 500.com re-branded right into a crypto firm this 12 months. Now Singapore Myanmar Investco (SMI) is becoming a member of the development as the corporate has ordered 800 bitcoin mining rigs. SMI is an funding and administration firm that’s listed on the Singapore Inventory Trade. The agency believes in digital foreign money mining and desires to extend mining accessibility.
“That is important progress for SMI as we transfer in the direction of technology-based SaaS companies and assist improve entry to cryptocurrency mining for retail clients whereas producing substantial shareholder worth,” Mark Bedingham, president and CEO of SMI defined within the announcement.
SMI to Provide Three Mining Providers: Purchase, Lease, and Fractional Time-Based mostly Possession
In keeping with the announcement, SMI has plans to order as much as 4,000 bitcoin mining machines. The disclosure doesn’t element what model SMI has chosen or the kind of mannequin the corporate is utilizing to dedicate hashrate towards the Bitcoin blockchain. Whereas SMI historically targeted on journey, trend retail, meals and beverage merchandise, auto providers, building providers, logistics, and provide chain ideas, the corporate revealed the shift towards crypto options in June.
Basically, SMI says it desires to supply crypto options as a Software program-as-a-Service (SaaS) offering these options to each retail and institutional shoppers. The announcement notes that after the providers are in place, clients can purchase mining machines, lease hashrate, or leverage fractional time-based possession of the mining machines.
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