SMI Signs MOU With The9 For The Development Of A Cryptocurrency Cloud-mining Platform


– 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.

© Scoop Media

 

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