Singapore Myanmar Investco (SMI) has become the latest firm to announce that it would be entering the crypto mining space with the purchase of 800 machines designated for the purpose.
The rigs will be deployed across Southeast Asia where the company already has established operations.
Company CEO Mark Bedingham explained that as a result, retail customers will now have access to mining options and the move itself will lead to “substantial shareholder value”.
The announcement follows a previous announcement to re-focus the firm's operations on software as well as different cryptocurrencies, such as Filecoin, Chia and Bitcoin.
SMI has been working with The9, a Chinese internet company, to continue its crypto mining plans. Under the partnership with The9, SMI may seek to bolster its overall mining capacity to 4,000 crypto machines.
While China has outright banned crypto mining, Chinese companies' expertise has been invaluable to partners in the region and beyond. Meanwhile, other mining behemoths, such as BIT Mining, have relocated their operations elsewhere since the ban.
BIT was previously known as 500 Lotteries but has used the opportunity to rebrand and acquired BTC.com, which is one of the largest Bitcoin mining pools.
With interest in mining soaring, the global hashrate for the currency has been improving dramatically, ensuring blockchain stability and security.