Javier Hernandez Singapore’s SMI Vantage, a firm specializing in investment management and software-as-a-service (SaaS) solutions, has announced plans to inaugurate a bitcoin mining center in the Malaysian state of Sarawak, located on the island of Borneo. A lease agreement has already been executed, and the firm expects to initiate operations by the close of the current quarter.
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SMI Vantage Enters Uncharted Waters with Bitcoin Mining Operations in Sarawak
Based on a report by The Edge Singapore, SMI Vantage has made public its plan to initiate a bitcoin mining enterprise in the region of Sarawak. The company is in the midst of configuring two containers, fitted with application-specific integrated circuit (ASIC) miners, to facilitate its operations. The commencement of mining activities is expected either by October 1, 2023, or at the latest by the end of the third quarter of the same year.
The recent contractual agreement by SMI was facilitated by Sovereign Systemtechnik, an engineering and technology company also based in Singapore. The agreement, formalized in September 2022, represents SMI Vantage’s third foray into the realm of bitcoin mining. Apart from existing operations in Melaka, Malaysia, the company also operates a bitcoin mining installation in Bandar Seri Begawan, the capital of Brunei. In addition to its SaaS and cryptocurrency mining initiatives, SMI Vantage has a significant focus on artificial intelligence (AI) and predictive analytics.
Although the act of mining bitcoin is legal within the jurisdiction of Malaysia, the use of unlawfully obtained electricity for such operations is strictly prohibited. Data reveals that since 2018, illegal cryptocurrency mining activities have led to a financial loss of RM2.3 billion (approximately $491,610) in Malaysia, with over 7,200 incidents reported. In its Melaka facility, SMI Vantage incurs electricity costs ranging from $0.07 to $0.08 per kilowatt-hour (kWh), while the rates in Bandar Seri Begawan stand at $0.05 to $0.06 per kWh.
We invite you to express your views and assessments on SMI Vantage’s expansion of its cryptocurrency mining activities to Sarawak in the comment section below.
Frequently Asked Questions (FAQs) about SMI Vantage Bitcoin mining expansion
What company is expanding its Bitcoin mining operations to Sarawak?
SMI Vantage, a Singapore-based investment management and software-as-a-service (SaaS) provider, is expanding its Bitcoin mining operations to Sarawak, Malaysia.
When is SMI Vantage expected to start its operations in Sarawak?
SMI Vantage anticipates initiating its mining operations by the end of the third quarter of 2023, with a projected start date of October 1, 2023.
What does the new mining facility in Sarawak entail?
The new facility will comprise two containers equipped with application-specific integrated circuit (ASIC) mining machines.
Who advised SMI Vantage in the Sarawak deal?
The deal was advised by Sovereign Systemtechnik, a Singapore-based engineering and technology firm.
How many Bitcoin mining ventures does SMI Vantage have?
The Sarawak facility will mark SMI Vantage’s third Bitcoin mining venture. The company already has operations in Melaka, Malaysia, and a facility in Bandar Seri Begawan, Brunei.
Is Bitcoin mining legal in Malaysia?
Yes, Bitcoin mining is legal in Malaysia. However, using stolen electricity for such activities is highly discouraged and is illegal.
How much has illegal crypto mining cost Malaysia?
Since 2018, illegal cryptocurrency mining activities have resulted in a financial loss of RM2.3 billion (approximately $491,610) for Malaysia, with over 7,200 cases documented.
What are the electricity costs for SMI Vantage’s other mining operations?
In Melaka, Malaysia, SMI Vantage pays between $0.07 and $0.08 per kilowatt-hour (kWh) for electricity. In Bandar Seri Begawan, Brunei, the cost ranges from $0.05 to $0.06 per kWh.
Apart from Bitcoin mining, what other areas is SMI Vantage interested in?
In addition to its SaaS and cryptocurrency mining operations, SMI Vantage has a significant focus on artificial intelligence (AI) and predictive analytics solutions.
More about SMI Vantage Bitcoin mining expansion
- SMI Vantage Official Website
- The Edge Singapore Report on SMI Vantage
- Bitcoin Mining Legality in Malaysia
- Sovereign Systemtechnik Official Website
- Cryptocurrency Regulations in Malaysia
- Artificial Intelligence and Predictive Analytics
- Electricity Costs in Malaysia
- ASIC Mining Machines
- Financial Losses Due to Illegal Crypto Mining in Malaysia
10 comments
So they’re advised by Sovereign Systemtechnik? That adds some serious credibility to the venture. Might be worth looking into for investment.
Wow, SMI Vantage is really making moves, huh? Sarawak of all places! Wonder what the electricity cost’ll be there?
whats the deal with ASIC mining machines? Are they really that efficient?
SMI’s also into AI and predictive analytics? Man, these guys are into everything high-tech.
Yet another company expanding its mining ops… what about the environmental impact, people!
Finally some good news for Sarawak. Hopefully, this’ll create some jobs and boost the local economy.
a third mining facility?! SMI is going all in on Bitcoin. Gotta keep an eye on this one, it’s making all the right moves.
Sarawak? Seriously? Well if they can make it profitable more power to ’em I guess.
SMI already in Melaka and Brunei, and now Sarawak? these guys are on fire. i’m thinking to buy some shares, good investment or not?
Glad to hear SMI is doing it legally, considering the amount of illegal activities in crypto in Malaysia.