Sino-Global Shipping America, a NASDAQ-listed maritime logistics company, plans to launch a new Bitcoin mining device. To do so, the company has teamed up with technology firm Highsharp.
According to the press release, the joint venture will engage in the design, technical development and marketing of a bitcoin miner under the name Thor. The joint venture will receive exclusive rights to the product, including intellectual property, marketing and sales.
In November, Sino-Global will invest $10 million to fund the joint venture's operations.
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The company has agreed to provide approximately $50 million over several years to support the work, including design and testing.
Highsharp will become the exclusive supplier of specialized chips to the joint venture.
Sino-Global CEO Lei Cao has called the business venture "a major strategic development" for a company "with the potential for significant long-term financial benefit." According to him, the joint venture is designed to meet the demand for mining equipment:
"Recent crypto policy changes combined with ongoing global component shortages have served to remove valuable digital mining production capacity. We intend to fill that vacuum."