Hatten Land, a company listed on the Singapore Stock Exchange, is setting up a crypto mining farm in Malaysia and operations will begin by the end of this month.
This is an agreement signed between its subsidiary Hatten Edge and SMI CS subsidiary of SMI Vantage, which will allow the pilot phase of the first 50 sets of crypto-mining platforms to start their operations.
Over 2,500 crypto mining platforms planned
The pilot project is in line with plans to install and operate more than 2,500 sets of crypto mining rigs at its properties in 2022.
On Tuesday January 11, the group confirmed its first delivery of 80 crypto mining platforms with its partner Frontier Digital Management.
The next batch of approximately 1,500 crypto mining rigs will be installed from February to March 2022. SMI CS has the opportunity to deliver another 1,000 sets of crypto mining equipment for the year.
The agreement states that SMI CS will be responsible for protecting the confidentiality and integrity of the crypto wallet that will contain the mined cryptocurrencies. Hatten Edge will install the mining rigs on the facilities upon delivery.
Net mining income is calculated after deducting related operating and management expenses.
According to Hatten Land, he expects the deal to contribute “positively to its net assets and financial performance” for the fiscal year ending June 30, 2022.
Impact of crypto mining on global warming
Cryptocurrency is considered a big emitter of greenhouse gases because it contributes to air and water pollution. According to Digiconomist, Bitcoin mining generates around 96 million tonnes of carbon dioxide emissions each year, which is equivalent to the amount of emissions generated by some smaller countries.
The second largest crypto by Ethereum valuation, produces over 47 million tonnes of carbon dioxide emissions per year.
While observers can argue that many other industries also contribute negatively to the environment, such as aviation, concerns of environmentalists are that cryptocurrency, with its growing popularity, is increasingly in demand and is There has been little effort to improve its negative impact on the climate. .
Bitcoin could push global warming beyond two degrees Celsius by 2033, study finds. The article notes that Bitcoin mining in China alone (before the nation’s crypto mining ban) could generate 130 million metric tonnes of carbon dioxide emissions by 2024.
As minors are forced out of China, they migrate to the United States and other countries which now include Malaysia. Energy consumption could increase even more if more renewable energy is not used.
Mining ban in China due to high energy consumption
Until July of last year, China controlled up to two-thirds of all Bitcoin mining operations in the world. He then quickly banned crypto mining in the country due to the high power consumption caused by crypto mining.
In September, China also banned cryptocurrency transactions and banned the opening of new mining projects in the country. One of the main reasons is that the majority of China’s energy production comes from coal, which is very polluting.
Small investors bought crypto mining rigs outside of China after the crackdown, and businesses have moved to seek new ground with “friendly regulations” and cheap electricity. The larger group has reportedly moved its operations to the United States, Malaysia, Russia and Kazakhstan.
Featured Image Credit: Getty Images, Hatten Land
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