Singapore Myanmar Investco (SMI) has announced it has placed orders for up to 800 cryptocurrency mining machines, which will be delivered to facilities in Southeast Asia over the next two to three months.
This follows SMI’s pivot into cryptocurrency, Software-as-a-Service (SaaS) and other high-tech platforms, which it announced as part of its new business direction in late June.
Once the machines are in place and operational SMI plans to order up to 4,000 machines as previously announced.
The service is aimed at increasing accessibility of cryptocurrency mining machines for institutional and retail customers. Customers will be able to select from three options: buying, leasing or fractional time-based ownership of the mining machines.
“This is significant progress for SMI as we move towards technology-based SaaS businesses and help increase access of cryptocurrency mining for retail customers while generating substantial shareholder value,” said Mark Bedingham, president and CEO of SMI.
Shares in SMI closed up 0.2 cents or 1.65% higher at 12.3 cents on August 23.
Photo of Yangon International Airport: Stock photo