Asset management company Singapore Myanmar Investco (SMI), listed on the Singapore Stock Exchange, announced that it will be mining cryptocurrencies in Q4 2021.
According to the press release, the company’s management has decided to become a member of the mining industry to expand its business. SMI has already purchased 800 ASIC miners, which will be deployed at the company’s facilities in Southeast Asia. Equipment delivery is expected in the next two to three months.
After it goes live, SMI plans to order about 4,000 more cryptocurrency mining devices, including Bitmain’s Antminer S19j and MicroBT’s Whatsminer M31S +.
SMI CEO Mark Bedingham said the company is looking to move to a software-as-a-service (SaaS) business model, allowing individuals and organizations to rent mining equipment.
“This is a significant step forward for SMI. We will expand access to cryptocurrency mining for retail customers, and this could significantly increase the shareholder value of the company, ”said Bedingham.
Last month, SMI partnered with Nasdaq-listed Chinese mining company The9 and cloud mining firm Hang Zhou Suan Li Technology Co Ltd (NHASH). Bedingham said SMI will continue to work with them as the company looks to expand beyond its traditional business and develop its own digital products and services.
This year, the Thai telecommunications company Jasmine Telecom Systems and the Chinese tea company Urban Tea also announced their readiness to mine cryptocurrencies to diversify their business. However, it is not known whether Urban Tea was able to realize its plans, since a few months ago, the Chinese authorities banned the mining of cryptocurrencies in the country.
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