Source: Adobe / artiemedvedev
Sino-Global Shipping America, Ltd. said it plans to enter into a Bitcoin (BTC) mining machine joint venture with Highsharp , to work on the development, engineering and commercialization of a mining machine called ‘Thor’.
Sino-Global is a global ship management and logistics services company, founded in New York, which, according to the press release, has been diversifying into the cryptocurrency market. Highsharp is a company focused on blockchain technology, hardware, software and technology management, and cloud computing, he said.
The scope of the joint venture “will encompass the collaborative engineering, technical development and commercialization of a proprietary Bitcoin mining machine under the Thor name, with exclusive rights covering design production, intellectual property, branding, marketing and sales”, the partners said.
This joint venture will also have an exclusive license to manufacture, market and sell the Thor Bitcoin mining machine worldwide; will own all intellectual property rights related to it, and is set up to file a utility patent application with the Patent and Trademark Office of the United States for the machine.
Sino-Global said it will make an investment of USD 10 million next month to finance the operations of this company.
The company also agreed to invest an estimated $ 50 million “over the next several years to support work being done in the US,” the announcement states. This includes design, testing, and integration work. “Sino-Global expects to use existing assets as well as future capital increases to finance such investment,” they said.
Meanwhile, Highsharp will be the designated sole supplier of high-performance computer chips for the joint venture, with a separate purchase agreement to be signed between the joint venture and Highsharp. The details of the purchase will be “determined based on the actual business volume” of the joint venture.
“This is an important strategic development for Sino-Global with the potential for significant long-term financial benefit,” said Lei Cao, CEO of the company. “Recent changes in encryption policy combined with the ongoing global component shortages have served to eliminate valuable digital mining production capacity,” said the CEO, adding that “they intend to fill that gap and plan to move aggressively”.
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