By Key Points
- Coolpad invests $13.5 million in Bitcoin mining rigs.
- Plans to deploy 2,700 mining rigs in North America.
- Investment boosts Coolpad’s computing power to 1,504,800 TH/s.
- Follows $28 million investment in Web 3.0 and crypto companies.
Chinese telecom provider Coolpad is making headlines with its latest venture into the crypto world. The company has announced a significant investment of $13.5 million to purchase Bitcoin mining rigs, which will be deployed in North America.
Coolpad Group Invests $13.5M in Crypto Mining Rigs for Web 3.0 Expansion
Coolpad Group invests $13.5M in crypto mining rigs to boost computing power and explore web 3.0 digital currency opportunities.#Blockchain #CryptoNewshttps://t.co/3VSyzhSIs2
— Global Crypto News (@GlobalCNNews) June 14, 2024
Coolpad’s Strategic Investment in Bitcoin Mining
Coolpad, known for its production and sale of mobile phones and accessories, is diversifying its portfolio by venturing into the Bitcoin mining sector. This move marks a significant shift from its traditional business model. The company plans to acquire 2,700 Bitcoin mining servers from Hong Kong-based JingYun Intelligent Technology. This investment is expected to significantly enhance Coolpad’s computing power, increasing it from 873,000 TH/s to approximately 1,504,800 TH/s.
Boosting Computing Power and Market Presence
Coolpad’s decision to invest in Bitcoin mining is not an isolated move. Since the second half of 2023, the company has been actively pursuing opportunities in the Web 3.0 digital currency business.
This strategic shift was highlighted in May when Coolpad announced a $28 million investment plan to purchase shares in crypto asset companies listed on Nasdaq. The targeted companies include notable names like CleanSpark, ARK 21Shares Bitcoin ETF, Bitwise Bitcoin ETF, Grayscale Bitcoin Trust, and Hashdex Bitcoin Futures ETF.
Coolpad’s investment in Bitcoin mining rigs is seen as a strategic move to bolster its presence in the rapidly growing crypto market. By deploying these rigs in North America, Coolpad aims to tap into the region’s favorable regulatory environment and abundant renewable energy resources, which are crucial for efficient and sustainable Bitcoin mining operations.
Expanding Horizons in the Crypto Space
Coolpad’s venture into Bitcoin mining aligns with its broader strategy to capitalize on the burgeoning opportunities within the Web 3.0 and digital currency sectors. The company’s proactive approach is indicative of its commitment to innovation and adaptation in an ever-evolving technological landscape.
The purchase of the mining rigs follows an earlier plan by Coolpad to invest in Bitcoin-related companies. This diversification strategy not only enhances Coolpad’s market presence but also positions it as a forward-thinking player in the global tech and crypto industries.
As the demand for cryptocurrencies continues to rise, Coolpad’s investments in Bitcoin mining and crypto assets could potentially yield significant returns, thereby boosting its financial performance and shareholder value.
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