Coolpad Group Limited, one of the leading smartphone companies in China, invests $13.5 million in ASICs for bitcoin mining.
Coolpad Group, a Shenzhen-based telecommunications company listed on the Hong Kong Stock Exchange, announced the acquisition of 2,700 bitcoin mining ASICs worth $13.5 million. The acquired ASICs will be deployed in North America.
In a June 13 filing, Coolpad revealed that the new mining rigs will be purchased by JingYun Intelligent Technology, a Hong Kong-based company. The investment will increase Coolpad’s computing power from 873,000 TH/s to 1,504,800 TH/s, or 1.5 EH/s. For comparison, the U.S. mining firm Riot Platforms has a total hashrate of 14.7 EH/s.
The ASIC acquisition represents an expansion of Coolpad’s operations, aiming to diversify its business and explore new growth opportunities.
Last month, Coolpad announced plans to invest up to $28 million in U.S. spot Bitcoin ETFs and shares of companies related to the sector, including shares of the miner CleanSpark (CLSK).
