Shenzhen-headquartered telecommunications tools firm Coolpad Group has introduced the acquisition of $13.5 million value of crypto mining rigs.
Coolpad Group, a public Chinese language telecom supplier listed on the Hong Kong Inventory Alternate, mentioned in a regulatory submitting it has allotted over HK$106 million (round $13.5 million) to buy Bitcoin mining rigs because the agency now “actively pursues opportunities in web 3.0 digital currency business.”
As per the doc, Coolpad plans to accumulate 2,700 crypto mining rigs from Hong Kong-based JingYun Clever Expertise Restricted, with deployment slated for North America. The doc doesn’t specify the producer of the tools. This funding goals to spice up Coolpad’s present computing energy from 873,000 TH/s to an estimated 1,504,800 TH/s.
The transaction is predicted to be accomplished inside three months, the doc mentioned.
Coolpad Group initially unveiled its focus in the direction of crypto in early Could, revealing a $28 million funding plan geared toward buying shares of publicly traded Bitcoin mining firms listed on Nasdaq. The corporate specified its curiosity in buying shares of entities reminiscent of CleanSpark (CLSK), ARK 21Shares Bitcoin ETF (ARKB), Bitwise Bitcoin ETF (BITB), Grayscale Bitcoin Belief (GBTC), and Hashdex Bitcoin Futures ETF (DEFI), amongst others.
Highlighting the present market traits and the promising way forward for blockchain know-how and crypto belongings, Coolpad emphasised in a regulatory submitting that investments in listed securities inside the crypto sector current an “opportunity” to develop its digital foreign money enterprise.