SMI Vantage Limited, Singapore-based firm dedicated to cultivating new economy investments, is venturing into the cryptocurrency space by initiating a Bitcoin mining operation in Malaysia.
The company disclosed the signing of a rental offer agreement via its wholly-owned subsidiary, SMI CS Pte Ltd.
As per the announcement, SMI Vantage has chosen Sarawak, Malaysia, as the location for its Bitcoin mining enterprise. In alignment with its ambition, the company plans to equip the facility with cutting-edge Bitcoin mining apparatus, all of which will be safely encased in containerized shells.
The introduction of this advanced machinery, paired with Sarawak’s economical electricity rates, positions SMI Vantage at an advantageous stance to execute Bitcoin mining in a more cost-efficient manner.
The company is gearing up to begin the installation of the first among its duo of containerized mining rigs. As per their projected timeline, SMI Vantage anticipates kickstarting its Bitcoin mining operations by the third quarter of 2023.
This strategic move by SMI Vantage wasn’t a solitary decision. The firm said it sought advisory from Sovereign Systemtechnik (Sarawak) Sdn Bhd (Sovereign) during the agreement phase. It’s noteworthy to mention that SMI Vantage had previously forged a strategic partnership with Sovereign in September 2022.
This alliance was curated to explore an array of novel business ventures, spanning across domains such as data center management, the food and beverage sector, and other spheres aligning with SMI’s interests.
As an investment and managerial enterprise, SMI Vantage’s core ethos revolves around leveraging the potent trends sweeping the new economy. This encompasses niches like food and beverage businesses, avant-garde Software as a Service (SaaS) provisions, and other sophisticated technological platforms.
SMI Vantage Limited isn’t just renowned for its business acumen but is also a recognized entity listed on the Main Board of the Singapore Stock Exchange. The firm prides itself on its management team, renowned for its experience in nurturing robust business collaborations and alliances. With this latest venture into Bitcoin mining, SMI Vantage said it is poised to further cement its reputation as a forward-thinking business conglomerate.