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, numerous companies from Asia have been pivoting toward offering blockchain providers and working mining amenities. As an example, News has reported on firms like China-based gaming and internet company, The9, and its resolution to move into the bitcoin mining sector.
Alongside this, the U.S. publicly-listed Chinese sports lottery firm 500.com re-branded right into a crypto firm 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 firm that’s listed on the Singapore Stock Exchange. The firm believes in digital currency mining and wants to increase mining accessibility.
“That is important progress for SMI as we transfer towards technology-based SaaS companies and help increase access to cryptocurrency mining for retail prospects whereas producing substantial shareholder worth,” Mark Bedingham, president and CEO of SMI explained in the announcement.
SMI to Offer Three Mining Services: Buy, Lease, and Fractional Time-Based Ownership
In line with the announcement, SMI has plans to order as many as 4,000 bitcoin mining machines. The disclosure doesn’t detail what brand SMI has chosen or the type of model the corporate is using to dedicate hashrate toward the Bitcoin blockchain. Whereas SMI historically targeted on a journey, fashion retail, food and beverage merchandise, auto services, construction services, logistics, and supply chain concepts, the corporate revealed the shift towards crypto options in June.
Basically, SMI says it wants to offer crypto solutions as a Software-as-a-Service (SaaS) offering these options to each retail and institutional client. The announcement notes that after the providers are in place, prospects can purchase mining machines, lease hashrate, or leverage fractional time-based ownership of the mining machines.