Having analyzed and examined the crypto mining industry’s potential and benefits, an investment company from Singapore called ‘Singapore Myanmar Investco Limited (SMI) extends its business by embracing Bitcoin mining and purchases Bitcoin mining rigs in bulk. The sudden switch towards joining the mining industry has been inspired by looking at several fintech companies from the region joining the same industry.
This year in the Asian region, there were many Asian economic giant companies, which made their way into the crypto market. Some of them launched crypto exchanges, some adopted blockchain technologies while some saw potential in the crypto mining industry. This is the reason why in 2021, in terms of blockchain and crypto adoption, the Asian region is at the top, leaving behind the US also.
The9 is one of the top gaming company which is of Chinese origin. This company too has decided to become a Bitcoin miner and for this purpose moving into Kazakhstan. The company has already made arrangements for the establishment of its business office in Kazakhstan. Similarly, mining equipment too has been purchased and some of which has already been shipped into Kazakhstan. While the rest is shipped and the delivery is expected very soon.
The latest Asian company joining the industry has reportedly been the Singapore Myanmar Investco Limited (SMI). The company is an investment and management company that is duly enlisted with the National Stock Exchange as well. SMI has announced on 24th August 2021 that it will be taking part in Bitcoin mining activities. The company’s CEO told the media that they have analyzed and examined the possibility of joining the mining industry. The analysis revealed that the company can earn great benefits out of the Bitcoin mining industry.
For initiating mining activities and installing the same in the new establishment, SMI has purchased mining equipment. According to details, it is reported that the company has purchased Bitcoin mining equipment in bulks. Approximately, 800 mining rigs have been purchased in one go. On the purchase of mining rigs, the CEO of SMI commented that joining the crypto mining industry is a significant move taken by SMI. He said that the company wants to adopt technology and remain close to it for its future pursuits. The best way for embracing the innovation was seemed to become part of mining activity. He said that the company and its employees are looking forward to witnessing the uniqueness of crypto mining activities.
About future initiatives, the CEO apprised that SMI has already placed an order of acquiring additional four thousand mining rigs. However, the CEO did not detail what particular models from which specific manufacturer have been acquired. No further details regarding the availability of hash power with SMI were also revealed by the CEO.
But one thing is certain which is that SMI had never been associated with anything like crypto mining at all. Instead, the business of the company focused on food, apparel, construction, travel, and several other things.