Malaysian property developer Hatten Land has signed an agreement, through a subsidiary, with Singapore-based digital asset management company Frontier to share proceeds from jointly operating at least 1,000 cryptocurrency mining rigs within Hatten Land properties in Malaysia, according to a company statement released today.
Fast facts
- Hatten Land has previously announced that it would repurpose its retail malls in Melaka, a coastal city in Malaysia, for digital activities such as crypto mining and e-commerce.
- The property firm said the mining rigs will be installed beginning in the fourth quarter of this year in phases. The company says it is committed to “green” crypto mining with solar panels installed atop mall roofs for energy efficiency.
- Under the agreement, Frontier — which now operates over 700 rigs in Singapore — will manage and operate at least 1,000 mining machines at Hatten Land’s properties in Melaka. They plan to start with mining Bitcoin, with altcoins to be considered moving forward.
- Hatten Land is actively making a foray into crypto mining, as it recently teamed up with Singapore Myanmar Investco Ltd. to procure up to 2,000 rigs. With the new agreement with Frontier, Hatten Land is expected to see up to 3,000 rigs running at its properties.
- “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,” Dato’ Colin Tan, executive chairman and managing director of Hatten Land, said in a statement.