Sino-Global Shipping America, Ltd. said it plans to enter a Bitcoin (BTC) mining machine joint-venture with Highsharp, to work on development, engineering, and commercialization of a mining machine called ‘Thor’.
Sino-Global is a global logistics and ship management services company, founded in New York, which, per the press release, has been diversifying into the cryptocurrency market. Highsharp is a company focused on blockchain technology, hardware, software and technology management, and cloud computing, it said.
The scope of the joint venture “will encompass collaborative engineering, technical development and commercialization of a proprietary Bitcoin mining machine under the name Thor, with exclusive rights covering design production, intellectual property, branding, marketing and sales,” the partners said.
This joint venture will also be exclusively licensed to manufacture, market, and sell the Thor Bitcoin Mining Machine across the world; it will own all intellectual property rights related to it, and is set to file a utility patent application with the United States Patent and Trademark Office for the machine.
Sino-Global said it will make a USD 10m investment in the next month to fund the operations of this venture.
The company has also agreed to invest an estimated USD 50m “over the next few years to support work performed in the US,” the announcement states. This includes work on design, testing, and integration. “Sino-Global expects to use existing assets as well as future capital raises to fund such investment,” they said.
Meanwhile, Highsharp will be the exclusive designated supplier of high-performance computing chips for the joint venture, with a separate purchase agreement to be signed between the joint venture and Highsharp. The purchase details will be “determined based on actual business volume” of the joint venture.
“This is a major strategic development for Sino-Global with the potential for significant long-term financial benefit,” said Lei Cao, the company’s Chief Executive Officer. “Recent crypto policy changes combined with ongoing global component shortages have served to remove valuable digital mining production capacity,” said the CEO, adding that they “intend to fill that vacuum and plan to move aggressively.”
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