Key Points
- Coolpad Group is set to purchase $13.5 million worth of crypto mining rigs.
- The company is actively exploring opportunities in the web 3.0 digital currency business.
Coolpad Group, a telecommunications equipment company based in Shenzhen, has revealed plans to buy crypto mining rigs worth $13.5 million. The firm is listed on the Hong Kong Stock Exchange and is now focusing on opportunities in the web 3.0 digital currency business.
Coolpad’s Expansion in Crypto Mining
According to a regulatory document, Coolpad intends to acquire 2,700 crypto mining rigs from JingYun Intelligent Technology Limited, a Hong Kong-based company. The deployment of these rigs is planned for North America. The exact manufacturer of the equipment was not mentioned in the document.
The investment is designed to increase Coolpad’s computing power from the current 873,000 TH/s to an estimated 1,504,800 TH/s. The completion of this transaction is anticipated within the next three months.
Previous Crypto Investments
In early May, Coolpad first announced its shift towards crypto, disclosing a $28 million investment plan to acquire shares of Bitcoin mining companies publicly traded on Nasdaq. The company expressed interest in buying shares of entities like CleanSpark (CLSK), ARK 21Shares Bitcoin ETF (ARKB), Bitwise Bitcoin ETF (BITB), Grayscale Bitcoin Trust (GBTC), and Hashdex Bitcoin Futures ETF (DEFI), among others.
In a regulatory filing, Coolpad stressed that investments in listed securities within the crypto sector offer an “opportunity” to grow its digital currency business. This is in light of the current market trends and the promising future of blockchain technology and crypto assets.
