Hatten Land set to begin cryptocurrency mining as delayed rigs arrive

Malaysia 10-ringgit noteMalaysia 10-ringgit note

Hatten Land said Tuesday the shipment of its first 80 crypto-mining rigs have been delivered to its facilities in Melaka, Malaysia, after supply-chain issues had delayed their arrival.

The crypto-mining rigs are set to begin mining bitcoins in January, the company said in a filing to SGX.

“This is another major milestone in our digital roadmap and it highlights our commitment in implementing our business strategy and executing our plans despite the ongoing operational challenges from the Covid-19 pandemic,” Dato’ Colin Tan, executive chairman and managing director of Hatten Land, said in the statement.

“As we progressively scale up our crypto mining activities, there are plans to integrate such operations with solar energy as part of our efforts on sustainability and maximisation of investors’ value,” Tan added.

Hatten Land had entered a tie-up agreement with Frontier Digital to install and operate 1,000 crypto-mining rigs at malls or locations owned or managed by Hatten Land, the filing said.

The two companies will share the net proceeds of the mined cryptocurrencies, the filing said.

Hatten Land said it expected the deal with Frontier Digital will contribute positively to its financial performance for the current financial year ending 30 June.

Despite tightened border controls between Singapore and Malaysia due to Covid-related restrictions, Hatten Land has deployed the crypto-mining technical team from Singapore to Melaka on 5 January to prepare for the rig installation and operation, the filing said.

In addition, Hatten Land has other agreements to install and operate around 3,000 crypto-mining rigs at malls it owns and manages, with 2,500 rigs expected to be installed this year, the filing said.

Melaka-based Hatten Land is a Malaysian property developer, specialising in integrated residential, hotel and commercial developments; it is the property development arm of property-to-retail-to education conglomerate Hatten Group.

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