SMI Vantage to install 3,100 cryptocurrency mining machines in South-east Asia by May

WATCH-LISTED SMI Vantage has started installing cryptocurrency mining machines in Melaka, and is on track to complete the installation of 3,100 of these machines in South-east Asia by end-May, it said in a bourse filing on Wednesday (Mar 30).

The move followed the Mainboard-listed company's agreement with Hatten Edge, a subsidiary of the Catalist-listed property developer Hatten Land, in January to install cryptocurrency mining machines at a mining data centre in Melaka.

In its update on Wednesday, SMI Vantage also said that the machines will be brought into service once it gets a go-ahead from shareholders at an upcoming extraordinary general meeting on Apr 19. At that meeting, shareholders will vote on the company's proposed business diversification, which is to include cryptocurrency mining.

SMI Vantage describes itself as an investment and management company focused on capitalising on strong trends in the new economy, including cryptocurrency mining and other high-tech software as a service platforms.

Shares of SMI Vantage closed down 3.3 per cent or S$0.002 at S$0.058 before the announcement on Wednesday.