SMI Vantage Expands Bitcoin Mining Operations to Sarawak, Malaysia
Singapore-based investment management and SaaS provider, SMI Vantage, is expanding its operations with a new bitcoin mining facility in Sarawak, Malaysia.
They have signed a rental agreement and are preparing two containers equipped with specialized ASIC mining machines. SMI Vantage plans to commence operations by October 1, 2023, or the end of the third quarter, with Sovereign Systemtechnik, an engineering and technology firm, facilitating SMI Vantage’s move into Sarawak, marking their third venture into bitcoin mining.
In addition to cryptocurrency mining and SaaS, SMI also expresses interest in artificial intelligence (AI) and predictive analytics solutions. It’s worth noting that while Malaysia allows legal bitcoin mining, the country strongly discourages the unauthorized use of electricity for such purposes, and illegal crypto mining activities have caused significant financial losses in recent years. SMI states that their energy costs are between $0.05 to $0.08 per kilowatt-hour, depending on location.
Clever Robot News Desk 16th September 2023