Logistics company to manufacture bitcoin miners
Nasdaq-listed marine logistics firm Sino-Global Shipping America has announced plans to produce a new first cryptocurrency mining device through a partnership with technology company Highsharp.
The joint venture (JV) will design, technically develop and commercialise the bitcoin miner under the Thor brand. The JV will obtain exclusive rights to the product, including intellectual property, marketing and sales.
Sino-Global will invest $10 million to fund the joint venture's operations next month.
The company has agreed to contribute approximately $50 million over several years to support the work being done in the US, including design and testing.
Highsharp will be the exclusive supplier of specialty chips for the joint venture.
Sino-Global CEO Lei Cao called the business project an "important strategic development" for the company with "the potential for significant long-term benefits". He said the JV is designed to meet the demand for mining equipment.
"Recent changes in cryptopolitics, coupled with ongoing component shortages around the world, have led to a fallout of valuable production capacity in digital mining. We intend to fill this vacuum," added the head of Sino-Global.
Recall that a shortage of bitcoin mining equipment in the market was reported by the media in September 2020.
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