Sino-Global Forms Venture to Develop New Bitcoin Mining Machine
International shipping and crypto mining company Sino-Global said it will develop a new bitcoin mining machine in a joint venture with blockchain technology firm Highsharp.
The venture will develop and commercialize a proprietary bitcoin mining machine named “Thor,” Sino-Global announced Monday.
Sino-Global (NASDAQ: SINO) will make a $10 million investment over the next month to fund the venture’s operations, while Highsharp will supply the computer chips required to develop Thor.
The JV will own the intellectual property rights to Thor and plans to file a patent application with the U.S. Patent and Trademark Office.
According to Sino-Global CEO Lei Cao, Thor will “fill the vacuum” created by “recent crypto policy changes combined with ongoing global component shortages [that] have served to remove valuable digital mining production capacity.”
Formed in 2001 as a shipping company, Nasdaq-listed Sino-Global announced its intention to start mining cryptocurrency in February this year, initially sourcing its machines from Bitmain.
Read more: Leading Crypto Mining Machine Maker Bitmain Said to Halt Sales in China
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