Coolpad Group Invests $13.5 Million in Bitcoin Mining Expansion

Chinese technology giant Coolpad Group has taken a bold step into the world of Bitcoin mining.

Having invested $13.5 million, Coolpad aims to significantly increase its mining capacity by purchasing new mining devices to be deployed in North America.

The company's plan aims to increase mining computing power, as detailed in a recent notification to the Hong Kong Stock Exchange.

Coolpad Group's $13.5 million investment marks a major shift in direction in Bitcoin mining, highlighting the increasing integration of traditional technology companies into the world of digital assets.

Coolpad's Strategic Transition to Bitcoin Mining

Coolpad's entry into the Bitcoin mining industry represents a significant departure from its traditional activities focused on mobile phone production. As stated in the latest notification to the Hong Kong Stock Exchange, the company plans to increase its current capacity of 873,000 TH/s to approximately 1,504,800 TH/s by purchasing 2,700 Bitcoin mining servers from JingYun Intelligent Technology. This move reveals a strategic shift to turn to new revenue streams in the competitive smartphone market.

Compatibility with Web 3.0 Trends

Earlier this year, Coolpad broadly outlined its vision of integrating into the Web 3.0 ecosystem. The company has been actively exploring opportunities in the digital currency business since mid-2023. In May, Coolpad announced a $28 million investment plan to buy shares of several Nasdaq-listed crypto asset companies, such as CleanSpark and Bitwise Bitcoin ETF. By diversifying its portfolio, Coolpad aims to be at the forefront of the evolving digital world.

📈📉 #Bitcoin $BTC