- The mining business will cover a basket of cryptocurrencies inclusive of Bitcoin (BTC), Filecoin (FIL) and Chia (XCH),
and is expected to be launched in Q4 2021.
- SMI has also entered into a cooperation and support agreement with NHASH (Hang Zhou Suan Li Technology Co Ltd), a
cryptocurrency cloud mining blockchain Software-as-a-Service ("SaaS") company.
- This agreement presents SMI with the option to purchase up to 4,000 crypto mining machines, which may include a
combination of machines such as the Antminer S19j and the Whatsminer M31S+.
Singapore, July 16, 2021 - (ACN Newswire) - The Board of Singapore Myanmar Investco Limited ("SMI") is pleased to
announce that it has entered a comprehensive non-binding memorandum of understanding ("MOU") yesterday with
NASDAQ-listed Internet company The9 Limited, to launch a cryptocurrency cloud mining business.
Focusing initially on three types of cryptocurrencies - Bitcoin (BTC), Filecoin (FIL) and Chia (XCH) - the mining
business will be hosted in a range of facilities across Canada, US, Central Asia and the ASEAN region to serve
customers. This business is expected to commence in Q4 2021 and will be subject to regulatory approval.
Following the MOU, SMI has also entered into a cooperation and support agreement yesterday, which includes a range of
technical support services to be provided by NHASH (Hang Zhou Suan Li Technology Co Ltd), a cryptocurrency cloud mining
Software-as-a-Service ("SaaS") company, for an initial five year term, and with an option to extend for another five
years, subject to mutual agreement.
This agreement also presents SMI with the option to purchase up to 4,000 crypto mining machines, including models such
as the Antminer S19j, and the Whatsminer M31S+, for a consideration to be further agreed on by both parties. Any payment
through shares will be subject to the approval of SMI's shareholders at an extraordinary general meeting to be convened
in the later part of the year.
SMI, The9 and NHASH are committed to best practices in reducing the environmental impact of cryptocurrency cloud mining
operations.
"SMI is delighted to embark on this initial range of mining products and services, making it easier for customers in our
region to participate in cryptocurrency mining. We will continue to work with The9 and other partners to bring a range
of other leading digital products and services to market, as we pivot SMI away from its traditional businesses," said
Mark Bedingham, President and CEO of SMI.
This latest move follows SMI's entering into a subscription agreement with The9 for new shares in SMI, as announced by
SMI on 21 June 2021.
About Singapore Myanmar Investco
Singapore Myanmar Investco Limited ("SMI") is an investment and management company focused on the high-growth emerging
economy of Myanmar. SMI adopts a diversified business model to capitalize on the strong trends in consumer spending,
international tourism and infrastructure investment.
On June 30 2021, SMI announced its intention to pivot the company in a new direction encompassing cryptocurrency, SaaS
and other high technology platforms subject to approval of SGX-ST, and SMI's shareholders at a general meeting to be
convened in the later part of the year ("EGM"), for a diversification of SMI's core business. SMI is also looking to
work with other partners in the areas of gaming, digital entertainment and robotics.
Listed on the Main Board of the Singapore Stock Exchange, SMI has a highly capable and experienced management team with
proven track record in finance, business development and emerging markets.