Chinese Telecom giant Coolpad to buy Bitcoin mining rigs worth $13.5 million

• Coolpad Group plans to acquire 2,700 BTC mining rigs for $13.5 million.
• The company will deploy these rigs in North America.

Coolpad, a Shenzhen-based telecom provider listed on the Hong Kong Stock Exchange, is looking to invest $13.5 million in a major Bitcoin mining operation.

As part of a foray into crypto, Coolpad has specifically allocated over HK$106 million (approximately $13.5 million) to this initiative.

The Chinese company plans to spend the investmen on 2,700 BTC mining rigs, with the acquired machines then deployed in North America.

Coolpad eyes Web3 industry

According to details the publicly-traded company recently divulged via a regulatory filing, it will acquire the new Bitcoin mining rigs from JingYun Intelligent Technology, a firm based in Hong Kong. However, Coolpad did not disclose the rig maker from whom JingYun secures the machines.

The investment will increase Coolpad’s current computing power from 873,000 TH/s to about 1,504,800 TH/s, it said.

Apart from deploying BTC mining rigs, Coolpad eyes ttraction in the crypto and Web3 space via a multi-million share purchase plan. The company is targeting shares of crypto related firms in the US, including BTC miner CleanSpark.

Recently, former US president Donald Trump met with top Bitcoin mining companies with operations in the US. He pledged to support the industry, noting that “all BTC mining should be in the US.”