Coolpad Plans $13.5M Investment in Bitcoin Mining Rigs, Eyes Web3 Industry

Coolpad, a Shenzhen-based telecom provider listed on the Hong Kong Stock Exchange, is looking to invest $13.5 million in a major Bitcoin mining operation.

Chinese Telecom Giant Coolpad to Invest $13.5 Million in Bitcoin Mining Rigs

Chinese telecom provider Coolpad is venturing further into the crypto space with a new seven-figure investment in Bitcoin mining rigs.

Coolpad, a Shenzhen-based company listed on the Hong Kong Stock Exchange, has allocated over HK$106 million (around $13.5 million) to this initiative. The investment will see Coolpad acquire 2,700 BTC mining rigs, which the company plans to deploy in North America.

The Chinese telecom giant is expanding its crypto presence, having already participated in a multi-million share purchase plan. Coolpad’s investment will increase its current computing power from 873,000 TH/s to about 1,504,800 TH/s.

Coolpad will acquire the new Bitcoin mining rigs from JingYun Intelligent Technology, a Hong Kong-based firm. However, Coolpad did not disclose the rig maker from whom JingYun secures the machines.

The investment is part of Coolpad’s broader strategy to venture into the Web3 industry. Earlier this year, Coolpad participated in a multi-million share purchase plan, aiming to acquire shares of crypto-related firms in the US, including CleanSpark.

Recently, former US President Donald Trump met with top Bitcoin mining companies operating in the country. He expressed support for the industry, stating that “all BTC mining should be in the US.”

News source：https://www.kdj.com/cryptocurrencies-news/articles/coolpad-plans-m-investment-bitcoin-mining-rigs-eyes-web-industry.html

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