The crypto mining sector is attracting more businesses from all around the world. Singapore Myanmar Investco, a leading investment and management firm in Singapore, has invested in 800 BTC tools for mining for deployment in Southeast Asian facilities.
The investment would provide the company’s retail consumers to use the mining of crypto, as per Mark Bedingham, the company’s CEO, “while producing considerable value of the shareholder.”
SMI was formerly focused on various industries, including travel and retail, car, and supply chain, and was also on the list of the Singapore Stock Exchange.
However, the previous month, the SMI was changing its software development services, along with cloud staking of crypto centering on Chia, Bitcoin, and Filecoin.
The SMI signed a deal with an internet firm named The9, which is listed in Nasdaq, to acquire traction. SMI plans to begin its new crypto staking firm by Q4 in 2021, with mining tools spread across the US, Canada, Central Asia, and some parts of South Asia.
Hang Zhou Suan Li Technology Co Ltd, a Bitcoin cloud-mining and Blockchain SaaS business, assisted SMI.
The SMI got the opportunity to buy 4,000 tools of crypto mining under the agreement terms, including Bitmain’s Antminer S19j and MicroBT’s Whatsminer M31S+.
The business will deliver 800 tools for over 2-3 months. Once the received orders are in function, SMI will deliver the rest.
A shift from lottery to Bitcoin mining
In recent months, several businesses have made the switch to Bitcoin mining. Another prominent example is BIT Mining, one of the leading firms in China that worked on Bitcoin staking, which shifted its work to a new place called Kazakhstan.
In the initial period, the company named 500 Lotteries, and lottery dealing was the major focus. However, post-December 2020, it switched to the cryptocurrency market. BIT Mining also runs BTC.com, the biggest Bitcoin staking platform, and is working towards holding a strong position. The corporation didn’t completely sell out the China-based lottery service till June.
About Singapore Myanmar Investco
The SMI (Singapore Myanmar Investco Limited) is an investment and management firm based out in Singapore. SMI uses a diverse business strategy that includes travel, new technology, and SaaS-related enterprises to capitalize on the strong trends in the contemporary economy.
The SMI announced its intention to pivot the company in a new direction encompassing Cryptocurrency, SaaS, and other high technology platforms to diversify SMI’s core business. SMI is also interested in collaborating with other companies in the gaming, digital, and robotics industries.