Hatten Land has confirmed the shipment of its first 80 crypto mining rigs to its crypto mining facilities in Melaka, Malaysia. Upon their delivery and installation, the rigs will start to mine bitcoins in January.
The group had previously entered into a partnership agreement with Frontier Digital Management to install and operate 1,000 crypto mining rigs within Hatten Land’s properties.
Frontier Digital has also been granted the license by Hatten Land to install, operate, manage and maintain crypto mining rigs at malls or locations owned or managed by the latter.
Both companies will share the net proceeds of the cryptocurrencies that are mined after deducting the related operational and management expenses.
As such, the agreement with Frontier Digital is expected to contribute positively to Hatten Land’s net asset assets and financial performance for the financial year ending June 30.
Hatten Land has entered into a total of two agreements to install and operate some 3,000 crypto mining rigs at its malls; it expects to install and operate over 2,500 rigs in 2022 alone.
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Separately, the group has deployed the crypto mining technical team from Singapore to Melaka on Jan 5 in preparation for the installation and operation of the rigs.
“This is another major milestone in our digital roadmap and it highlights our commitment in implementing our business strategy and executing our plans despite the ongoing operational challenges from the Covid-19 pandemic,” says Dato’ Colin Tan, executive chairman and managing director of Hatten Land.
“As we progressively scale up our crypto mining activities, there are plans to integrate such operations with solar energy as part of our efforts on sustainability and maximisation of investors’ value. With our growth ambitions in Asia’s digital economy, we will continue to proactively explore new partnerships to create new value propositions and build new revenue streams in the digital economy,” Tan adds.
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Shares in Hatten Land closed 0.1 cent lower or 2.08% down at 4.7 cents on Jan 10.
Photo: Hatten Land
