Coolpad Dives into Bitcoin Mining with Major Server Acquisition
Coolpad, a Chinese telecom giant, is expanding its reach into the world of cryptocurrency by entering the lucrative field of Bitcoin mining. The company has announced plans to acquire 2,700 servers from Hong Kong-based JingYun Intelligent Technology for $13.5 million, which will add up to 1,504,800 TH/s of mining capacity.
The move is a significant one for Coolpad, which has already made its presence felt in the crypto space through a $28 million investment plan announced in May. The company had invested in various crypto assets, including CleanSpark and Bitwise Bitcoin ETF.
Coolpad's decision to enter Bitcoin mining comes as no surprise, given the company's need to diversify its revenue streams. However, it is worth noting that this move may raise eyebrows among some who see telecom companies venturing into cryptocurrency mining as a novelty.