In a strategic move that demonstrates its keen interest in the rapidly growing cryptocurrency market, Coolpad, a Chinese telecommunications company, has unveiled plans to invest $13.5 million in acquiring Bitcoin mining rigs. This decision comes amidst the increasing demand for digital currencies like Bitcoin, prompting many businesses to secure their positions in this lucrative industry. By integrating these mining rigs into its operations, Coolpad is positioning itself as a significant player in the evolving realm of cryptocurrency.
Coolpad Community is set to acquire 2,700 BTC mining rigs for $13.5 million, with intentions to deploy these rigs in North America. The Shenzhen-based telecom provider, listed on the Hong Kong Stock Exchange, aims to make a substantial investment in a Bitcoin mining operation. Specifically allocating over HK$106 million (approximately $13.5 million) for this venture, Coolpad is poised to enter the world of crypto with a significant presence.
The company plans to procure the new Bitcoin mining rigs from JingYun Intellectual Technology, a Hong Kong-based organization, as revealed in a recent regulatory filing. This investment will boost Coolpad’s current computing power from 873,000 TH/s to around 1,504,800 TH/s. In addition to expanding its BTC mining capabilities, Coolpad is also eyeing opportunities in the crypto and Web3 space through a multimillion-dollar acquisition strategy. This includes targeting shares of crypto-related companies in the US, such as BTC miner CleanSpark.
Recent developments in the US, including a meeting between former President Donald Trump and prominent Bitcoin mining firms operating in the country, have highlighted a growing interest in supporting and promoting the domestic Bitcoin mining industry. Trump expressed his commitment to enhancing the sector, emphasizing the importance of having all BTC mining operations based in the US. This aligns with Coolpad’s strategic investments and its aspirations to establish a strong presence in the evolving cryptocurrency landscape.
