Dalian Holdings Expands into Cryptocurrency Mining
Dalian Holdings, a company publicly traded in Hong Kong under the ticker 1709.HK, has made a significant move in the cryptocurrency mining sector by forming a purchase agreement with Bitmain, the largest manufacturer of mining machines in the world. This collaboration will see Dalian Holdings acquire nearly 3,000 state-of-the-art S21 series water-cooled mining rigs.
Collaboration and Deployment
The arrangement involves utilizing part of Dalian’s funding to collaborate with Antalpha, a partner focused on financing, to facilitate this purchase. Upon deployment, these mining machines are set to operate in specialized data centers located in both Oman and Paraguay, with Bitmain providing comprehensive hosting and operational services.
Investment and Strategic Goals
Previously, Dalian had invested in an additional 2,200 mining units, leading to a total capital outlay exceeding HKD 320 million. The leadership at Dalian Holdings views this initiative as a pivotal strategy to bolster their competitive edge in the ever-evolving domains of digital assets and Bitcoin mining.
They aim to establish themselves as a leading publicly traded entity in Bitcoin mining within Hong Kong, often referred to as positioning themselves as the first “Bitcoin mining power stock” in the region. The Board of Directors has expressed confidence that formalizing their agreements concerning Bitcoin mining equipment will yield substantial long-term financial benefits and add value for shareholders.
They also foresee this venture as a means to diversify income streams and leverage the burgeoning opportunities present in the digital asset and blockchain landscapes.
