SMI Vantage Expands Crypto Reach With New Bitcoin Mining Facility in Sarawak

According to a report from The Edge Singapore, SMI Vantage, an investment and SaaS firm, has disclosed its intention to commence bitcoin mining operations in Sarawak. The firm is in the process of setting up two containers equipped with application-specific integrated circuit mining machines. Operations are projected to start by October 1, 2023, or the conclusion of the third quarter.

SMI’s recent agreement was advised by Sovereign Systemtechnik, a Singapore-based engineering and technology firm. The deal was inked in September 2022 and marks SMI’s third bitcoin mining venture. While SMI already has operations in Melaka, Malaysia, it also boasts a bitcoin mining facility in Bandar Seri Begawan, Brunei’s capital. Beyond SaaS and cryptocurrency mining, SMI has a keen interest in artificial intelligence (AI) and predictive analytics solutions.

While bitcoin mining is legal in Malaysia, using stolen electricity for crypto mining is highly discouraged. Reports indicate that from 2018, illegal crypto mining activities resulted in a loss of RM2.3 billion ($491,610) for Malaysia, with over 7,200 cases documented. SMI states that in Melaka, the company pays $0.07 to $0.08 per kilowatt-hour (kWh) and $0.05 to $0.06 per kWh in Bandar Seri Begawan.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。