Chinese Telecom Provider Coolpad Makes Millions in Bitcoin Mining Investment 📊
Chinese telecom provider Coolpad Group is investing $13.5 million in Bitcoin mining to deploy mining rigs in North America. The company recently filed with the Hong Kong Stock Exchange, revealing its plan to purchase 2,700 Bitcoin mining servers from JingYun Intelligent Technology. This move will increase Coolpad’s mining power from 873,000 TH/s to around 1,504,800 TH/s. Traditionally focused on mobile phones, Coolpad has been eyeing opportunities in the Web 3.0 digital currency space since late 2023. 🚀
Mainstream Firms Venture into the Crypto Sector 📈
Companies like Coolpad are part of a larger trend where mainstream firms are exploring the crypto industry for growth and diversification. As cryptocurrencies gain popularity and acceptance, more businesses are considering investments in digital assets. This includes firms investing in Bitcoin mining stocks, adding Bitcoin to corporate treasuries, and developing crypto-related products and services:
- Traditional firms are interested in the crypto industry due to its innovative potential and revenue opportunities.
- Companies like BlackRock have become major shareholders in Bitcoin mining companies, signaling a shift towards crypto investments.
- Jack Dorsey’s Block has launched crypto products, including a Bitcoin wallet and ASIC chip for mining, catering to consumer and enterprise demands.
Conclusion 🚀
As the crypto sector continues to evolve, companies from various sectors are recognizing the potential benefits of embracing digital assets. Coolpad’s significant investment in Bitcoin mining is just one example of traditional firms diversifying into the crypto space. With more mainstream adoption expected, the crypto industry could see increased interest and investment from a wide range of businesses.
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