Hatten Land‘s wholly owned subsidiary Hatten Edge has entered a cryptocurrency mining agreement with a new, unnamed partner for up to 550 mining rigs to be added to the Malaysian company’s facilities, according to a filing to SGX Thursday.
The partner has agreed to deliver 50 sets of S19J Pro as pilot batch machines by end-April for crypto-mining operations at locations designated by Hatten Edge, the filing said, adding there is an option for an additional 500 rigs to be delivered this year. The S19J rigs are among the most productive and energy-efficient mining rigs, Hatten Land claimed.
Hatten Land said the partner and its owner currently have “hundreds” of crypto-mining rigs operating in Southeast Asia, including Peninsular Malaysia, East Malaysia and Laos.
The companies will share the net proceeds of the mined cryptocurrencies, with the agreement expected to contribute positively to Hatten Land’s financial performance for the fiscal year ending 30 June, the filing said.
In addition, Hatten Land said that with the restoration of pre-Covid land transportation between Singapore and Malaysia, the company would accept major cryptocurrencies for property sale, retail and hospitality transactions under its property portfolio.
The company’s property portfolio includes five integrated mixed-use development projects and retail mails, mainly in Melaka, Malaysia.