Coolpad Dives into Bitcoin Mining with $13.5M Server Purchase

Coolpad, a Chinese telecom giant, has made a surprise move into Bitcoin mining by acquiring 2,700 servers from Hong Kong-based JingYun Intelligent Technology for $13.5 million.

The purchase adds up to 1,504,800 TH/s of mining capacity to Coolpad's operations, which will be installed in undisclosed locations in North America.

This move comes after the company announced a $28 million investment plan in May to purchase shares in various crypto asset companies, including CleanSpark, ARK 21Shares Bitcoin ETF, Bitwise Bitcoin ETF, Grayscale Bitcoin Trust, and Hashdex Bitcoin Futures ETF.

Coolpad is not alone in its foray into Bitcoin mining, as T-Mobile Deutsche Telekom will also start mining this year, having operated a Bitcoin node since 2023 and launched its own Bitcoin Lightning Network nodes.