Chinese telecom provider Coolpad to spend $13.5m on Bitcoin mining rigs for North America

Coolpad Group, a Chinese telecom provider based in Shenzhen and listed on the Hong Kong Stock Exchange, said in a filing that it has allocated about $13.5 million to purchase Bitcoin mining rigs.

Coolpad said it plans to acquire 2,700 Bitcoin mining computer servers, without specifying the manufacturer.

It said it will buy the rigs from Hong Kong-based JingYun Intelligent Technology to deploy in North America.

The investment will increase Coolpad’s current computing power from 873,000 TH/s to about 1,504,800 TH/s, it said. This story was first reported by Crypto.News.

Coolpad is principally engaged in the production and sale of mobile phones and accessories, the provision of wireless application services, and leases of properties.

Still, since the second half of 2023, the company said it has has actively pursued opportunities in the “Web 3.0 digital currency business.”

Coolpad initiated its move towards crypto in May with a $28 million investment plan to purchase shares in crypto asset companies listed on Nasdaq.

The company said it was looking at acquiring shares in companies like, but not limited to, CleanSpark, ARK 21Shares Bitcoin ETF, Bitwise Bitcoin ETF, Grayscale Bitcoin Trust, and Hashdex Bitcoin Futures ETF.