SINGAPORE (THE BUSINESS TIMES) – A subsidiary of Hatten Land has signed a definitive settlement with Singapore’s Frontier Digital Asset Management to share proceeds from collectively working no less than 1,000 cryptocurrency mining rigs on the group’s properties in Malaysia.
In a bourse submitting on Wednesday (Sept 29), the property developer mentioned the rigs, which will probably be constructed in phases from the fourth quarter of this 12 months, would repurpose Hatten Land’s current retail mall infrastructure in Melaka for digital actions similar to crypto mining and e-commerce.
Frontier is a digital asset administration know-how firm that oversees crypto mining property for establishments and retail buyers.
Hatten Land shares jumped on the information with the replenish 0.5 cent, or 8.2 per cent, at 6.6 cents as at 10.32am.
Under the phrases of settlement, Frontier will set up, operate, handle and keep no less than 1,000 crypto mining machines at properties owned or managed by Hatten Land in Melaka.
The rigs will operate 24 hours every day, together with public holidays and weekends. It will initially mine Bitcoin, with various cash to be thought of in the longer term.
The newest settlement will carry the overall variety of crypto mining rigs to be put in at Hatten Land’s properties in Melaka to 3,000. This consists of the memorandum of understanding signed lately with mainboard-listed Singapore Myanmar Investco (SMI) to procure up to 2,000 rigs. SMI plans to set up and operate these rigs on Hatten Land’s Melaka properties from December 2021.
Mr Colin Tan, Hatten Land’s govt chairman and managing director, mentioned the group’s partnership with Frontier underscores Hatten Land’s dedication to pivot to “inexperienced” crypto mining actions in Melaka.
“We will leverage Frontier’s confirmed experience to develop crypto mining hubs beginning in Melaka. Hatten Land is repurposing its in depth mall footprint as a part of a broader technique that features blockchain actions, online-to-offline commerce and renewable vitality,” mentioned Mr Tan.
“We consider this settlement will augur the transformation of Hatten Land’s property right into a hub for blockchain and different digital actions that may contribute to the expansion and transformation of Melaka.”
Hatten Land beforehand signed a strategic partnership settlement with Bursa-listed Nestcon Berhad to set up photo voltaic panels on the roofs of a few of its properties in Melaka. The subsidiaries of each entities will arrange a three way partnership or consortium with different companions to set up these photo voltaic panels.
Installing photo voltaic panels on these malls will additional decrease vitality prices and switch the footprint of malls right into a hub for energy-efficient or “inexperienced” crypto mining, the group added in its newest announcement.