SMI Vantage Expands Bitcoin Mining Operations in Sarawak
SMI Vantage, an investment and SaaS firm, has announced its plans to enter the bitcoin mining industry in Sarawak, according to a report from The Edge Singapore. The company is currently setting up two containers equipped with application-specific integrated circuit (ASIC) mining machines, with operations expected to begin by October 1, 2023.
The agreement for this new venture was advised by Sovereign Systemtechnik, an engineering and technology firm based in Singapore. This marks SMI’s third bitcoin mining project, as the company already operates facilities in Melaka, Malaysia, and Bandar Seri Begawan, Brunei’s capital. In addition to cryptocurrency mining and SaaS services, SMI is also interested in artificial intelligence (AI) and predictive analytics solutions.
Bitcoin Mining Regulations in Malaysia
In Malaysia, bitcoin mining is legal; however, the use of stolen electricity for crypto mining activities is strongly discouraged. According to reports, illegal crypto mining activities have caused losses of RM2.3 billion ($491,610) since 2018, with over 7,200 cases documented. SMI states that it pays $0.07 to $0.08 per kilowatt-hour (kWh) for electricity in Melaka and $0.05 to $0.06 per kWh in Bandar Seri Begawan.
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