Hatten Land announced, on Jan 13, that its wholly-owned subsidiary Hatten Edge has entered into a cryptomining facility and support services agreement with Singapore Myanmar Investco (SMI), a wholly-owned subsidiary of Mainboard-listed SMI Vantage.
The agreement follows the memorandum of understanding (MOU) signed between both parties, as was announced on Sept 16, 2021.
Under the agreement, SMI will deliver 50 sets of crypto mining equipment for the pilot run of Hatten Land’s crypto mining operations by January.
This will be followed by another 1,500 crypto mining rigs to be installed from February to March.
SMI also has the option to provide another 1,000 crypto mining rigs in 2022, which brings the total number of rigs provided by the company to over 2,500 sets.
Hatten Edge will provide the crypto mining services – including the installation of the mining rigs at the facilities upon delivery. SMI, on the other hand, is responsible for safeguarding the confidentiality and integrity of the crypto-wallet that will contain the cryptocurrencies that are mined.
See also: Who is Justin Sun, the China-born crypto founder who made a US$6.2 mil bid for a banana?
SMI previously announced that it has entered into a cooperation and support agreement with NASDAQ-listed The9 Limited to procure 3,000 crypto mining rigs, with an option to buy a further 2,000 crypto mining rigs.
According to Hatten Land, the group is on track to meet its expectation of more than 2,500 crypto mining rigs to be installed and operated within its properties in 2022.
“With this latest shipment of crypto mining rigs, we are gaining more traction in our crypto mining activities and we will continue to work closely with SMI and The9 to progressively scale up our operations and expand our track record in this area,” says Dato’ Colin Tan, executive chairman and managing director of Hatten Land.
See also: UBS South-APAC CIO would hold ‘at least 10%’ of personal assets in crypto if allowed
“By combining our collective capabilities and resources, we will also focus on optimising and enhancing efficiency and improve our operating margins from this business segment. We see the growth of the crypto mining business as accretive to our financial performance this year and should also lay a solid foundation for some of our digital ventures,” adds Tan.
Mark Bedingham, President and CEO of SMI, says: “I am delighted that we have been able to move forward swiftly with Hatten Land to be able to finalise these agreements. This will enable SMI Vantage to start mining coins and we expect the first coins to be mined in January and we expect to have a substantial mining capability already by February this year. This will be a platform from which SMI Vantage will look for further expansion.”
As at 9.31am, shares in Hatten Land are trading 0.3 cent higher or 6.12% up at 5.2 cents.
Photo: Hatten Land
