A few hours ago, Hatten Land signed a partnership agreement with Frontier Digital Asset Management in Singapore. Together, they will install and launch at least 1,000 mining rigs in Malaysia.
According to The Straits Times, the equipment will be installed in the Hatten Land shopping mall buildings in Malacca, for which the facilities will be repurposed. The launch will be done in phases, starting in the fourth quarter of this year. Frontier Digital Asset Management, a company specialising in digital asset management, will oversee the processes. The news had an immediate impact on Hatten Land’s share price. Their value jumped 8.2% to $0.066.
According to the agreement, Frontier will use Hatten Land’s retail locations in Melaka to install, operate and maintain mining equipment. There will be at least 1,000 machines, operating 24/7. Bitcoin will be the first cryptomining target, with other options to be considered in the future.
Earlier, Hatten Land signed a similar agreement with Singapore Myanmar Investco (SMI). Under it, SMI will start installing and launching 2,000 mining rigs at Hatten Land-owned properties in Melaka in December 2021.
Colin Tan, executive chairman and managing director of Hatten Land, said the partnership with Frontier proves their company’s commitment to green mining. He said that Hatten Land plans to learn from the partners’ experience with blockchain and renewable energy. Mr Tan is confident that this will have a positive impact on the growth and development of Melaka.
Previously, Hatten Land had contracted Nestcon Berhad to install solar panels on the roofs of its properties. This will reduce electricity costs and turn repurposed shopping malls into green cryptocurrency mining sites.
Malaysian property developer Hatten Land has signed an agreement with Singapore-based Frontier Digital Asset Management to jointly operate at least 1,000 cryptocurrency mining rigs at Hatten Group properties in Malaysia. This is not the company’s first move into crypto mining, which plans to turn its properties into a hub for blockchain and other digital activities in the region.
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
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