coindesk.com
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.
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The venture will develop and commercialize a proprietary bitcoin mining machine named “Thor,” Sino-Global announced Monday.
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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.
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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.
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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.”
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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