The Singapore-based investment management and software-as-a-service (SaaS) provider, SMI Vantage, plans to launch a bitcoin mining facility in the state of Sarawak in Borneo, Malaysia. The company has signed a rental agreement and anticipates operations to begin by the end of the third quarter.
SMI Vantage Charts New Territory With Sarawak Bitcoin Mining Venture
According to a report from The Edge Singapore, SMI Vantage, an investment and SaaS firm, has disclosed its intention to commence bitcoin mining operations in Sarawak. The firm is in the process of setting up two containers equipped with application-specific integrated circuit mining machines. Operations are projected to start by October 1, 2023, or the conclusion of the third quarter.
SMI’s recent agreement was advised by Sovereign Systemtechnik, a Singapore-based engineering and technology firm. The deal was inked in September 2022 and marks SMI’s third bitcoin mining venture. While SMI already has operations in Melaka, Malaysia, it also boasts a bitcoin mining facility in Bandar Seri Begawan, Brunei’s capital. Beyond SaaS and cryptocurrency mining, SMI has a keen interest in artificial intelligence (AI) and predictive analytics solutions.
While bitcoin mining is legal in Malaysia, using stolen electricity for crypto mining is highly discouraged. Reports indicate that from 2018, illegal crypto mining activities resulted in a loss of RM2.3 billion ($491,610) for Malaysia, with over 7,200 cases documented. SMI states that in Melaka, the company pays $0.07 to $0.08 per kilowatt-hour (kWh) and $0.05 to $0.06 per kWh in Bandar Seri Begawan.
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