Hatten Edge signs agreement for 550 new crypto mining rigs

The partner will deliver a pilot batch of 50 sets by end-April.

Hatten Land announced its wholly-owned subsidiary Hatten Edge has entered into a Crypto Mining Facility and Support Services Agreement with a new business partner, where up to 550 crypto mining rigs can be added to the group's crypto mining activities and deployed across its crypto mining facilities in Melaka, Malaysia.

The partner agreed to deliver 50 sets as pilot batch machines by the end of April 2022. Produced by BITMAIN, the S19J Pro is the top-of-the-line model and is considered to be one of the most productive and energy-efficient mining rigs in the market. Under the agreement, the pilot batch of rigs will be delivered and installed by 30 April 2022 with the option of delivering an additional 500 in 2022.

Executive chairman and managing director Colin Tan said, "Large scale, high-quality, low-cost crypto mining facilities are highly sought-after in Malaysia. With our growing track record, we aim to build on this momentum to secure new partnerships and expand into one of the leading cryptocurrency mining service providers in Asia."

Both companies will share the net proceeds of the cryptocurrencies mined after deducting the related operational and management expenses. As such, the agreement is expected to contribute positively to the net assets and financial performance of the group for the financial year ending 30 June 2022, barring unforeseen circumstances.