Singapore Myanmar Investment Company SMI purchased 800 mining machines and turned to mining services

On August 25, Singapore-listed company Singapore Myanmar Investment (SMI) announced the purchase of 800 cryptocurrency mining machines to be deployed in Southeast Asia, with the first batch of machines to be delivered in the next two to three months.

The company's CEO Mark Bedingham said the move would provide cryptocurrency mining to the company's retail customers while also creating significant value for shareholders.

SMI previously focused on industries such as travel and fashion retail, automotive and construction services, and logistics. Last month, it said its business would shift to software services, including a cryptocurrency cloud mining platform that would initially focus on Bitcoin, Filecoin and Chia mining. (Decrypt)