Hong Kong Alcohol Company Buys 51% of Crypto Miner for $60 Million

Mining &#thirteen;

No matter what the central Chinese language authorities tries to do or say, bitcoin and cryptocurrency stay fashionable investments amongst on a regular basis individuals in China. And a brand new approach to get publicity to the ecosystem simply materialized for these with entry to the Hong Kong market, a publicly traded firm entered the mining business.

Additionally Learn: This Week in Bitcoin: Amazon Wants to Track You and TD Ameritrade Plants a Flag

Wine and Mine

Hong Kong Alcohol Company Buys 51% of Crypto Miner for $60 MillionDiginex Restricted, a multinational crypto-asset funding firm headquartered in Hong Kong has introduced it bought a fifty one% stake of its cryptocurrency mining and excessive efficiency computing (HPC) operation for $60 million USD to Madison Group Holdings (HKG: 8057), a distributor of alcoholic drinks. An MOU (memorandum of understanding) between the 2 corporations detailed quite a few synergies, together with the leveraging of Diginex’s proprietary platform Digiassets that can be utilized by holders of cryptocurrencies to buy excessive worth wines and different belongings.

Madison Holdings Group, previously Madison Wine, is an funding holding firm primarily targeted on the retail and wholesale alcoholic drinks enterprise. The corporate provides a large spectrum of high quality wines, wine associated merchandise and different spirits akin to premium and uncommon whiskies, cognacs and Chinese language baijiu in Hong Kong. Madison is listed on the Hong Kong Inventory Change since 2015.

GPU Farms in Asia, Sweden and Switzerland

Hong Kong Alcohol Company Buys 51% of Crypto Miner for $60 MillionDiginex, which privately owned, has workplaces in Hong Kong, Switzerland, Germany and Japan. It has mining operations in Asia, Switzerland and Sweden. The $60 million funding by Madison is claimed to permit Diginex to quick monitor the enlargement of their GPU mining operations in Western Europe in partnership with hardware suppliers, energy and safety suppliers to be able to construct a safe and environment friendly GPU-based mostly cryptocurrency mining knowledge middle.

Miles Pelham, the CEO of Diginex, said: “this money injection permits us to expedite our steps in the direction of turning into the worldwide supplier of Distributed Ledger Applied sciences. We’ll proceed to construct out our mining operations in Sweden and Switzerland, but in addition give attention to serving to corporates and governments the world over to implement transformative DLT purposes.”

Are there any synergies between wine cellars and crypto mining farms that these corporations can now exploit? Share your ideas within the feedback part under. 

Photographs courtesy of Shutterstock.

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