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Chinese public telecommunications provider Coolpad Group allocates $13.5 million to purchase Bitcoin mining rigs
Coolpad Group, a Shenzhen-based telecommunications equipment company, announced the purchase of cryptocurrency mining facilities worth $13.5 million.
Coolpad Group, an audience Chinese Hong Kong Stock Exchange-listed telecommunications provider said in a regulatory filing that it has set aside more than HK$106 million (about $13.5 million) for the purchase Bitcoin mining rigs as the company now “actively pursues opportunities in the web 3.0 digital currency business.”
According to documentCoolpad plans to acquire 2,700 cryptocurrencies extraction plants from Hong KongJingYun Intelligent Technology Limited based, with rollout planned for North America. The document does not specify the manufacturer of the equipment. This investment aims to increase Coolpad’s current computing power from 873,000 TH/s to approximately 1,504,800 TH/s.
The transaction is expected to be completed within three months, the document said.
Coolpad Group initially unveiled its focus on cryptocurrencies in early May, revealing a $28 million investment plan to acquire shares of publicly traded, Nasdaq-listed Bitcoin mining companies. The company has specified its interest in acquiring shares of entities such as CleanSpark (CLSK), ARK 21Shares Bitcoin ETF (ARKB), Bitwise Bitcoin ETF (BITB), Grayscale Bitcoin Trust (GBTC) and Hashdex Bitcoin Futures ETF (DEFI), among the others. .
Highlighting current market trends and the promising future of blockchain technology and crypto assets, Coolpad highlighted in a regulatory filing that investments in listed securities in the cryptocurrency sector represent an “opportunity” to expand its digital currency business.