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.
Read More
- XRP Price Eyes $2 Support Level Amidst Market Correction
- 15 Charged for converting Drug Cartels’ Cash into Cryptocurrency in U.S.
- OREO Unveils Six New Products for 2025
- PYTH PREDICTION. PYTH cryptocurrency
- ‘Fast and Furious’ Star Paul Walker Remembered 11 Years After His Death
- Russell T Davies Says He “Kind Of Hopes” The Streaming Bubble Will “Pop”
- Apple Lands Anya Taylor-Joy Led Drama ‘Lucky,’ Based on Bestseller
- Paul Atkins to Replace Gary Gensler as Next SEC Chair?
- Crypto VC funding roundup: Riot snags over $594m, BVNK raises $50m
- Google’s Willow Quantum Chip Sparks Bitcoin Security Debate
2024-06-14 15:44