- North America will see the deployment of mining rigs by Chinese telecom company Coolpad.
- The buy is a continuation of a previous investment strategy in Bitcoin-related businesses.
In a filing, Coolpad Group, a Shenzhen-based Chinese telecom company that is listed on the Hong Kong Stock Exchange, stated that it has set aside roughly $13.5 million to buy Bitcoin mining equipment.
Coolpad announced its intention to purchase 2,700 Bitcoin mining computers, albeit it did not name the supplier.
For use in North America, it stated that it will purchase the rigs from JingYun Intelligent Technology, a company based in Hong Kong.
According to the statement, the investment will boost Coolpad’s processing capacity from 873,000 TH/s to over 1,504,800 TH/s.
The main business activities of Coolpad include manufacturing and marketing cell phones and related accessories, offering wireless application services, and leasing real estate.
Nevertheless, the corporation claimed to have aggressively sought prospects in the Web 3.0 digital currency market starting the second half of 2023.
Coolpad made its first steps toward cryptocurrency in May when it announced a $28 million investment plan to buy stock in Nasdaq-listed companies that provide digital assets.
The business announced that it was considering purchasing stock in businesses such as Hashdex Bitcoin Futures ETF, Bitwise Bitcoin ETF, ARK 21Shares Bitcoin ETF, CleanSpark, and Grayscale Bitcoin Trust, among others.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
