Hatten Edge, the wholly-owned subsidiary of Hatten Land, has entered into a crypto mining facility and support services agreement on March 30 with an unnamed new partner to carry out cryptocurrency mining activities in Malaysia.
According to Hatten Land, its new partner and its owner have hundreds of crypto mining rigs operating within Southeast Asia currently, including Peninsular Malaysia, East Malaysia and Laos, and endeavours to expand its crypto mining operations with Hatten in Melaka.
Under the agreement, the partner will deliver 50 sets of brand new Bitmain Antminer S19J Pro as pilot batch machines by the end of April to locations designated by Hatten Edge.
The partner also has the option to deliver an additional 500 sets of crypto mining equipment.
Hatten Edge will then provide crypto mining services, as well as other services such as the installation and operation of the equipment required at its malls in Malaysia.
The term for the provision of the services will begin on the date of the agreement of the crypto mining equipment and continue for the operating lifetime of the mining equipment or upon termination of the agreement.
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Both companies will share the net proceeds of the cryptocurrencies mined.
As such, the agreement is expected to contribute positively to its net assets and financial performance for the financial year ending June 30. In addition, the group expects to expand and scale up its crypto mining operations after commencing since January this year.
“Since we started crypto mining operations in January 2022, we are now more well-equipped and better positioned than ever to expand our operations. Large scale, high-quality, low-cost crypto mining facilities are highly sought-after in Malaysia,” says Dato’ Colin Tan, Hatten Land’s executive chairman and managing director.
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“With our growing track record, we aim to build on this momentum to secure new partnerships and expand into one of the leading cypto currency mining service providers in Asia,” he adds.
Hatten Land to accept major cryptocurrencies
Further to its statement, Hatten Land also announced that it will accept major cryptocurrencies as a mode of payment for the transactions of property sale, retail and hospitality businesses under its property portfolio from April 1.
The cryptocurrencies that will be accepted include Bitcoin, Ethereum and Tether. Other major cryptocurrencies will be assessed on a case-by-case basis.
The group is also in discussions with a registered licensed partner in Malaysia to jointly collaborate in terms of enabling seamless, efficient and convenient payment experiences for the group’s purchasers and customers.
Hatten Land’s current development portfolio comprises five integrated mixed-use development projects and retail malls that have a combined built-up area of 6 million square feet.
“With the popularity of cryptocurrencies, there is a growing trend by consumers to use it as a payment method for a range of products and services, both online and offline,” says Tan. “Together with the rise of the digital economy in Asia, there are strong incentives for us to integrate cryptocurrencies in our business activities to access new demographic groups and liquidity pools.”
Shares in Hatten Land closed flat at 4.3 cents on March 30.
