Hatten Land enters new partnership for up to 550 more crypto mining rigs

SINGAPORE (THE BUSINESS TIMES) - Hatten Land subsidiary Hatten Edge has inked an agreement with a new business partner that will allow the addition of up to 550 crypto mining rigs to its crypto mining facilities in Melaka.

The first 50 sets are targeted to be delivered as pilot batch machines by end-April, with an option to deliver an additional 500 rigs in 2022, the group announced on Thursday (March 31).

Produced by digital currency mining server manufacturer Bitmain, the S19J Pro machines are top of the range and considered to be one of the most productive and energy-efficient mining rigs in the market, Hatten Land said.

While its new business partner was not named, Hatten Land said the entity and its owner have hundreds of crypto mining rigs operating within South-east Asia, including Peninsular Malaysia, East Malaysia and Laos, and endeavour to expand their crypto mining operations with Hatten Land in Melaka.

Both companies will share the net proceeds of the cryptocurrencies that are mined, after deducting the related operational and management expenses.

Hatten Land therefore expects the latest agreement to contribute positively to its net assets and financial performance for the financial year ending June 30.

The news sent Hatten Land shares up 0.2 cent, or 4.7 per cent, to 4.5 cents as at 9.54am on Thursday.

Mr Colin Tan, its executive chairman and managing director, said Hatten Land is now more well-equipped and better positioned than ever to expand its operations since it commenced its crypto mining activities in January 2022.

"Large-scale, high-quality, low-cost crypto mining facilities are highly sought-after in Malaysia. With our growing track record, we aim to build on this momentum to secure new partnerships and expand into one of the leading crypto currency mining service providers in Asia," said Mr Tan.

Separately, Hatten Land announced on Wednesday that it will now accept major cryptocurrencies for property sale, retail and hospitality transactions under its property portfolio, in the light of the reopening of borders between Singapore and Malaysia.

Hatten Land's key properties are primarily in Melaka.

Its current portfolio comprises five integrated mixed-use development projects and retail malls that have a combined built-up area of six million sq ft.