SGX-listed Hatten Land opening crypto mining farm in M’sia end-Jan, to build 2,500 mining rigs

The Singapore Exchange, a subsidiary of Hatten Land, is setting up a crypto mining farm in Malaysia and operations will begin later this month.

This is a partnership signed between the smaller Hatten Edge and the smaller SMI Vantage SMI CS, which will allow the first phase of the crypto mining industry to become operational.

Over 2,500 crypto mining rigs have been developed

The pilot is in agreement with plans to establish and operate more than 2,500 crypto mining rigs within its assets in 2022.

On Tuesday (Jan 11), the team confirmed the first deployment of 80 crypto mining rigs by a partner of Frontier Digital Management.

Photo Credit: Getty Photos

The next batch of about 1,500 crypto mining rigs will be established from Feb to Mar 2022. SMI CS has the opportunity to supply another 1,000 crypto mining tools per year.

The agreement states that SMI CS will be responsible for protecting the privacy and integrity of the crypto wallet that will fund crypto mines. Hatten Edge will be responsible for placing mining equipment in the delivery area.

All proceeds from mining are calculated after deducting operating and management expenses.

According to Hatten Land, it is expected that the agreement will deliver “positive results for all its financial and economic performance” in the financial year ending June 30, 2022.

Impact of Crypto mines on global warming

Cryptocurrency is considered a greenhouse gas, because it contributes to the loss of air and water. According to Digicnomist, Bitcoin mining swords about 96 million tons of carbon dioxide emissions each year, equivalent to the amount of carbon dioxide emitted in small countries.

The second largest crypto is Ethereum, producing more than 47 million tons of carbon dioxide per year.

Photo Credit: Getty Photos

Although observers may say that many other industries contribute to environmental degradation, such as aviation, concerns from environmentalists and that cryptocurrency, with its popularity, is growing and there have been few attempts at climate change. .

According to a learning, Bitcoin could push global warming by more than two degrees Celsius by 2033. The report estimated that Bitcoin mines in China alone (before the crypto-nationwide ban on mining) could produce 130 million tons of carbon dioxide emissions by 2024.

With the miners being deported to China, they are moving to the United States and other countries that now include Malaysia. Energy consumption can grow significantly only if additional energy is used.

Prohibition of mining in China due to excessive energy use

Until July last year, China was in control of one-third of all Bitcoin mines in the world. It later outlawed crypto mining in the country due to its excessive use of cryptocurrencies.

In September, China banned the exit of cryptocurrency and banned the opening of new mining operations in the country. One major reason was that much of China’s energy comes from coal, which is extremely destructive.

Photo Credit: Getty Photos

Small retailers have been buying crypto mining equipment outside of China after the break-up and companies have moved to seek new foundations with “environmentally friendly” laws and cheap electricity. The largest package is said to have it change operating in the US, Malaysia, Russia, and Kazakhstan.

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Credit Photo Featured: Getty Photos, Hatten Land


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