Singularity Future Technology (SGLY) Enters Bitcoin Mining JV With Golden Mainland

Singularity Future Technology Ltd. (NASDAQ: SGLY) and Golden Mainland Inc. announced today the formation of a Bitcoin mining site joint venture.

The joint venture (the "Joint Venture") plans to invest up to $250 million over time to build a total of 1GW of mining sites in Texas, Ohio, and other states, with capacity for up to 300,000 Bitcoin miners, each with 3,400 watts/hour in energy consumption. Singularity is a global logistics and blockchain technology company engaged in shipping, chartering, logistics services and technology services. Golden Mainland is a company engaged in the provision of electricity services in North America.

Under the terms of the Joint Venture, Singularity will own 51%, and Golden Mainland will own 49%, with each party contributing capital in accordance with its ownership interest. Singularity expects to make its initial capital contribution of approximately $10 million to the Joint Venture from available cash.

Mr. Yang "Leo" Jie, Chief Executive Officer of Singularity Future Technology, commented, "We are excited to partner with Golden Mainland in this Joint Venture. We believe that investing in and building out sites with Bitcoin mining capacity will provide a platform with the scale to support the demand levels in the industry."

You May Also Be Interested In

• Analyst sees Bitcoin hitting $227K-$378K amid monetary scarcity, gold flows
• Super League Enterprise (SLE) files for 1.07M share offering by selling stockholders
• Square launches 3.50% APY savings tier for sellers with $10,000 minimum