Singapore Firm Partners China’s The9 for Cloud Crypto Mining
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Singapore Myanmar Investco (SMI) will develop a cryptocurrency cloud-mining platform with The9, according to a memorandum of understanding signed by the two sides.
The mining business is expected to be launched in the fourth quarter of the year, subject to regulatory approval, SMI said in an announcement on Friday.
Operations will be hosted in a range of facilities across Canada, U.S., Central Asia and the ASEAN region, and will cover a basket of cryptocurrencies inclusive of bitcoin (BTC), filecoin (FIL) and chia (XCH). This move follows SMI’s entering into a subscription agreement with The9 for new shares in SMI, which was announced in June.
SMI also said it reached an agreement with Chinese cloud mining software-as-a-service company Nhash for technical and support services for five years, as well as an option to purchase up to 4,000 crypto mining machines.
SGX-listed SMI is an investment and management company focused on Myanmar. In June, it announced its intention to pivot to cryptocurrencies and to diversify its core business to include gaming, digital entertainment and robotics.
Originally an online gaming firm, Nasdaq-listed The9 pivoted into mining in January and started operations the next month. However, it has been facing regulatory headwinds in China, where it operates. Like other miners, The9 has been looking to shift operations abroad.
Questions & Answers
Q.What kind of business does Singapore Myanmar Investco (SMI) usually operate?
What kind of business does Singapore Myanmar Investco (SMI) usually operate?
SMI is an investment and management company primarily focused on Myanmar. However, it announced an intention in June to pivot into cryptocurrencies and diversify into gaming, digital entertainment, and robotics.
Q.When is the new cryptocurrency cloud-mining platform expected to start operating?
When is the new cryptocurrency cloud-mining platform expected to start operating?
The new cryptocurrency cloud-mining platform is expected to be launched in the fourth quarter of the year. This is, however, subject to obtaining the necessary regulatory approval before it can commence operations.
Q.Which countries or regions will host the cloud mining operations?
Which countries or regions will host the cloud mining operations?
The cloud mining operations will be hosted in a range of facilities. These include locations across Canada, the U.S., Central Asia, and also within the ASEAN region.
Q.Why is The9, a Chinese company, looking to partner with a Singaporean firm for mining?
Why is The9, a Chinese company, looking to partner with a Singaporean firm for mining?
The9, originally an online gaming firm, has been facing regulatory challenges in China since pivoting to mining. Like other miners in the region, it has been seeking to shift its operations abroad.
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