Investment company Singapore Myanmar Investco will engage in cryptocurrency mining – Bits Media

Asset Management Company Singapore Myanmar Investco (SMI), listed on the Singapore Stock Exchange, reported, that in the IV quarter 2021 will be engaged in cryptocurrency mining.

According to the press release, the company's management decided to become a member of the mining industry for business expansion. SMI has already purchased 800 ASIC miners, which will be located at the company's facilities in Southeast Asia. Equipment delivery is expected in the next two to three months.

After its commissioning, SMI plans to order approximately 4 000 cryptocurrency production devices, including models Antminer S19j from Bitmain and Whatsminer M31S+ from MicroBT.

SMI CEO Mark Bedingham (Mark Bedingham) said, that the company is seeking to move to a software-as-a-service business model (SaaS), allowing individual users and organizations to rent mining equipment.

“This is a significant step forward for SMI. We will expand access to cryptocurrency mining for retail clients, and this can significantly increase the shareholder value of the company.", - Bedingham said.

Last month, SMI entered into a partnership with Chinese mining company The9, listed on Nasdaq, and Hang Zhou Suan Li Technology Co Ltd (NHASH), engaged in cloud mining. Bedingham reported, that SMI will continue to work with them, as the company intends to go beyond traditional business and develop its own digital products and services.

This year, the Thai telecommunications company Jasmine Telecom Systems and the Chinese tea company Urban Tea also announced their readiness to engage in cryptocurrency mining to diversify their business.. However, it is unknown, was Urban Tea able to realize its plans?, since a few months ago the Chinese authorities banned the mining of cryptocurrencies in the country.