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Hatten Land Initiates Crypto Mining Activities Through New Partnership

Photo Credit: Hatten Land

Hatten Land has entered into a new crypto mining facility and support services agreement partnership under its wholly-owned subsidiary Hatten Edge Pte. Ltd., which will see an estimated 550 crypto mining rigs can be added to the Group's crypto mining activities and deployed across its crypto mining facilities in Melaka.

As per the agreement made on March 30th, the partner will deliver 50 sets of new BITMAIN-produced S19J Pro as pilot batch machines by end of April 2022 for crypto mining operation to locations designated by Hatten Edge for the provision of crypto mining services. The partner will also have the option of delivering an additional 500 sets of crypto mining equipment.

Additionally, both companies will share the net proceeds of the cryptocurrencies that are mined after deducting the related operational and management expenses. That being said, the Agreement is expected to contribute positively to the net assets and financial performance of the Group for the financial year ending 30 June 2022, barring unforeseen circumstances.

"Since we started crypto mining operations in January 2022, we are now more well-equipped and better positioned than ever to expand our operations,” said Dato' Colin Tan, Executive Chairman and Managing Director of Hatten Land. Large scale, high-quality, low-cost crypto mining facilities are highly sought-after in Malaysia. With our growing track record, we aim to build on this momentum to secure new partnerships and expand into one of the leading crypto currency mining service providers in Asia."

Meanwhile, Hattn Land has also decided to accept major cryptocurrencies as a means of payment for transactions of property sale, retail and hospitality businesses under its property portfolio starting from April.

"With the popularity of cryptocurrencies, there is a growing trend by consumers to use it as a payment method for a range of products and services, both online and offline," added Dato' Colin Tan. "Together with the rise of digital economy in Asia, there are strong incentives for us to integrate cryptocurrencies in our business activities to access new demographic groups and liquidity pools."


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