- Coolpad Group plans to accumulate 2,700 BTC mining rigs for $13.5 million.
- The corporate plans to deploy these drilling rigs in North America.
Coolpad, a Shenzhen-based telecommunications firm listed on the Hong Kong Inventory Trade, is contemplating investing $13.5 million in a large-scale bitcoin mining operation.
As a part of its foray into cryptocurrency, Coolpad has allotted greater than HK$106 million (roughly $13.5 million) to the initiative.
The Chinese language firm plans to make use of the funding to buy 2,700 BTC mining rigs and deploy the acquired machines throughout North America.
Coolpad focuses on the Web3 business
Particulars revealed by the publicly listed firm lately via a regulatory submitting mentioned will probably be buying new bitcoin mining tools from Hong Kong-based JingYun Clever Expertise Co. Ltd. Nevertheless, Coolpad didn’t disclose which tools producer JingYun will supply the machines from.
The funding will improve Coolpad's present computing capability from 873,000TH/s to roughly 1,504,800TH/s, the corporate mentioned.
Aside from deploying BTC mining rigs, Coolpad can be seeking to enter the crypto and Web3 area via a multi-million share inventory buy plan. The corporate is focusing on stakes in US crypto-related firms, together with BTC miner CleanSpark.
Former US President Donald Trump lately met with main Bitcoin mining firms working within the US. Trump mentioned that “all BTC mining must be achieved within the US” and pledged to help the business.
