Chinese language Telecom big Coolpad to purchase Bitcoin mining rigs price $13.5 million

• Coolpad Group plans to amass 2,700 BTC mining rigs for $13.5 million.
• The corporate will deploy these rigs in North America.

Coolpad, a Shenzhen-based telecom supplier listed on the Hong Kong Inventory Alternate, is trying to make investments $13.5 million in a serious Bitcoin mining operation.

As a part of a foray into crypto, Coolpad has particularly allotted over HK$106 million (roughly $13.5 million) to this initiative.

The Chinese language firm plans to spend the investmen on 2,700 BTC mining rigs, with the acquired machines then deployed in North America.

Coolpad eyes Web3 business

In response to particulars the publicly-traded firm not too long ago divulged by way of a regulatory submitting, it is going to purchase the brand new Bitcoin mining rigs from JingYun Clever Know-how, a agency based mostly in Hong Kong. Nonetheless, Coolpad didn’t disclose the rig maker from whom JingYun secures the machines.

The funding will improve Coolpad’s present computing energy from 873,000 TH/s to about 1,504,800 TH/s, it mentioned.

Aside from deploying BTC mining rigs, Coolpad eyes ttraction within the crypto and Web3 area by way of a multi-million share buy plan. The corporate is focusing on shares of crypto associated corporations within the US, together with BTC miner CleanSpark.

Not too long ago, former US president Donald Trump met with high Bitcoin mining corporations with operations within the US. He pledged to help the business, noting that “all BTC mining needs to be within the US.”