As a seasoned crypto investor with a keen interest in following market trends and staying informed about major players in the space, I’m thrilled to see Coolpad Group, a reputable telecommunications equipment company based in Shenzhen, China, making a significant entry into the crypto mining industry. This strategic move comes after the company announced its plans to invest HK$106 million ($13.5 million) in Bitcoin mining rigs and boost its computing power by approximately 63% from 873,000 TH/s to an estimated 1,504,800 TH/s.
A telecommunications equipment company based in Shenzhen, Coolpad Group, has disclosed its intention to invest $13.5 million in crypto mining machinery.
A prominent Chinese telecommunications company, Coolpad Group, announced in a regulatory filing that it has set aside approximately HK$106 million (equivalent to around $13.5 million) for acquiring Bitcoin mining equipment. The organization now intends to actively explore business opportunities within the rapidly expanding digital currency sector, specifically focusing on web 3.0 technologies.
According to the given document, Coolpad is intending to purchase approximately 2,700 crypto mining rigs from JingYun Intelligent Technology Limited based in Hong Kong. The location for setting up these mining rigs is predicted to be North America. Unfortunately, the document does not reveal the manufacturer of the equipment. This investment strategy aims to significantly enhance Coolpad’s current computing power from 873,000 TH/s to a projected 1,504,800 TH/s.
The transaction is expected to be completed within three months, the document said.
In early May, Coolpad Group announced its intent to invest significantly in the crypto sector, disclosing plans to spend approximately $28 million on purchasing shares of Bitcoin mining companies that are publicly traded on Nasdaq. The entities on Coolpad’s radar include CleanSpark (CLSK), ARK 21Shares Bitcoin ETF (ARKB), Bitwise Bitcoin ETF (BITB), Grayscale Bitcoin Trust (GBTC), and Hashdex Bitcoin Futures ETF (DEFI).
In a recent regulatory filing, Coolpad underscored the thriving market conditions and bright prospects of blockchain technology and cryptocurrencies. The company expressed that investing in securities related to crypto assets provides an “opportune” chance for expanding their digital currency enterprise.
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2024-06-14 15:44