Singapore Myanmar Investco (SMI) investment firm has announced the purchase of 800 crypto mining machines that will be deployed across facilities in Southeast Asia over the next two to three months.
<h2><strong>Singapore Myanmar Investco Expands to Crypto Mining</strong></h2>
A Singapore-based investment and management company, Singapore Myanmar Investco has <a href="https://sin-mi.listedcompany.com/newsroom/20210824_070107_Y45_J9PGUC1F4949XSE0.1.pdf" target="_blank" rel="nofollow noopener">announced</a> placing orders for 800 cryptocurrency mining machines that would be deployed across locations in Southeast Asia. An additional 4,000 machines will be ordered once the 800 machines get deployed successfully.

The firm’s CEO, Mark Bedingham claims that the move will provide their retail customers access to cryptocurrency mining “while generating substantial shareholder value.”
<blockquote><em>“This is significant progress for SMI as we move towards technology-based SaaS businesses and help increase access of cryptocurrency mining for retail customers while generating substantial shareholder value.” </em></blockquote>
Listed on the Singapore Stock Exchange, SMI had focused on sectors such as travel and fashion retail, auto, construction services, and logistics.

However, last month, the company said it was shifting its attention to software services that would also focus on a cryptocurrency cloud mining platform initially centered on Bitcoin, Filecoin, and Chia. The investment firm reached an arrangement with The9, a Nasdaq-listed Chinese Internet company to achieve this.
<h2><strong>Transitioning to Crypto Mining Business</strong></h2>
SMI had planned to launch its crypto mining business in Q4 2021, with the mining machines hosted across Canada, <a href="https://www.cryptoknowmics.com/news/hive-announces-entry-pnto-north-american-bitcoin-mining-pool/">the U.S.</a>, Central Asia, and the Southeast Asia region. The company also secured support services from Hang Zhou Suan Li Technology Co Ltd (NHASH), a cryptocurrency cloud-mining and blockchain SaaS company.

Other companies to have transitioned to cryptocurrency mining includes  BIT Mining, a Chinese Bitcoin mining company that relocated a part of its operation to <a href="https://www.cryptoknowmics.com/news/chinas-share-of-bitcoin-mining-drops-as-kazakhstan-soars-to-popularity/">Kazakhstan </a>this year. The company was formerly called 500 Lotteries which mainly focused on the lottery business until December 2020.

To strengthen its position, BIT Mining also acquired BTC.com, one of the largest Bitcoin mining pools. The company completely shifted from the lottery to the crypto mining business in June.

Singapore Myanmar Investco Pivots to Crypto Mining Business

Singapore Myanmar Investco (SMI) has announced the purchase of 800 crypto mining machines that will be deployed across facilities in Southeast Asia.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

Singapore Myanmar Investco Pivots to Crypto Mining Business

Top Picks