On August 24, the investment and management company, Singapore
Myanmar Investco Limited (SMI), revealed the company is entering the
bitcoin mining industry as it has ordered 800 mining rigs to be
delivered to Southeast Asia. The move follows a number of firms pivoting
toward digital currency mining.
Singapore Myanmar Investco Pivots Toward Bitcoin Mining
In 2021, a number of firms from Asia have been pivoting toward
offering blockchain services and operating mining facilities. For
instance, Bitcoin.com News has reported on firms like China-based gaming
and internet company, The9, and its decision to move into the bitcoin mining sector.
Alongside this, the U.S. publicly-listed Chinese sports lottery firm 500.com re-branded into a crypto company this year. Now Singapore Myanmar Investco (SMI) is joining the trend as the company has ordered
800 bitcoin mining rigs. SMI is an investment and management company
that’s listed on the Singapore Stock Exchange. The firm believes in
digital currency mining and wants to increase mining accessibility.
“This is significant progress for SMI as we move towards
technology-based SaaS businesses and help increase access to
cryptocurrency mining for retail customers while generating substantial
shareholder value,” Mark Bedingham, president and CEO of SMI explained
in the announcement.
SMI to Offer Three Mining Services: Buy, Lease, and Fractional Time-Based Ownership
According to the announcement, SMI has plans to order up to 4,000
bitcoin mining machines. The disclosure does not detail what brand SMI
has chosen or the type of model the company is using to dedicate
hashrate toward the Bitcoin blockchain. While SMI traditionally focused
on travel, fashion retail, food and beverage products, auto services,
construction services, logistics, and supply chain concepts, the company
revealed the shift toward crypto solutions in June.
Essentially, SMI says it wants to offer crypto solutions as a
Software-as-a-Service (SaaS) providing these solutions to both retail
and institutional clients. The announcement notes that once the services
are in place, customers can buy mining machines, lease hashrate, or
leverage fractional time-based ownership of the mining machines.
source link : https://news.bitcoin.com/singapore-myanmar-investco-purchases-800-mining-rigs-firm-plans-to-offer-mining-services/
