Hatten Land Ltd in Singapore has joined hands with Frontier Digital Asset Management Pte Ltd. The companies will now work together to manage more than 1,000 crypto mining rigs operating within Hatten Group properties based in Malaysia.
Hatten Land Is Revamping Its Mining Projects
Beginning in the fourth quarter of 2021, Hatten says that several new digital currency mining rigs will be installed between the two companies. Frontier also operates approximately 700 separate mining rigs in Singapore.
The news comes after Hatten made a separate announcement in which it said that many of the malls it owned would be revamped and utilized for digital currency mining purposes and e-commerce. To potentially lower energy costs and emissions, these locations are going to be at least partially powered by solar panels, thereby making Hatten a green energy company.
The topic of green energy mining has been a heavy one over the past several months. Many top-ranking crypto experts and analysts have gotten involved, especially Elon Musk, the South African entrepreneur behind billion-dollar companies like Tesla and SpaceX.
Earlier in the year, Musk announced that customers could purchase Tesla vehicles with crypto, though he later rescinded this decision after stating that mining energy was not being put to good use and that he could not condone bitcoin activity unless emissions were cut. No doubt Hatten’s green energy status will put it in stronger favor with environmentalists.
The mining rigs are set to operate 24 hours a day, meaning Hatten and Frontier will be mining bitcoin every hour, every minute. In the beginning phases, both companies will focus primarily on bitcoin mining, though neither has ruled out the possibility of extracting other coins in the future.
Hatten Land executive chairman and managing director Datuk Colin Tan explained in an interview:
We will leverage Frontier’s proven expertise to develop crypto mining hubs, starting in Melaka. [In addition,] Hatten Land is repurposing its extensive mall footprint as part of a broader strategy that includes blockchain activities, online-to-offline commerce, and renewable energy. We believe this agreement will augur the transformation of Hatten Land’s assets into hubs for blockchain and other digital activities that will contribute to the growth and transformation of Melaka.
What Frontier Stands For
Hatten Land put out an additional statement describing what Frontier was looking to accomplish. The company is in business to potentially provide easy access to mining power for all future retail and institutional miners. Hatten said:
Aside from mining, they are especially focused on the blockchain ecosystem and digital asset generation. As a fast-growing digital asset management company, Frontier has successfully secured investments from investors in mainland China, Hong Kong, and the ASEAN region. With more plans for expansion, Frontier is looking to establish a strong foothold within the ASEAN region and contribute towards a more sustainable way of cryptocurrency mining.
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