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Sino-Global Shipping will launch a cryptocurrency mining venture

The international shipping company Sino-Global Shipping, which is listed on the Nasdaq exchange, has announced plans to deploy a cryptocurrency mining facility.

According to a statement from Sino-Global Shipping CEO Lei Cao, the company plans to continue its core freight and transport business by expanding its operations to mine bitcoin.

“We believe that Sino-Global is well positioned to develop its core business and at the same time we plan to expand to mine BTC,” Cao said.

Sino-Global Shipping’s expansion plans are in line with mining revenue growth. Recall that the miners BTC and ETH earned more than $ 1.89 billion in January amid a bull market.

Sina, a Chinese financial media outlet, reported that Sino-Global Shipping is purchasing ASIC miners from Bitmain. According to the company’s website, all devices are sold out by Q3 2021.

The Nasdaq issued a warning yesterday for Sino-Global, which rose more than 130% in the day, peaking at $ 11.25. In the afternoon, SINO’s share price dropped to about $ 7.4.

More and more companies are entering the cryptocurrency mining market. In January, Galaxy Digital announced the launch of financial services for miners and its own mining, which it has been preparing since last fall.

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