Sino-Global Forms Venture to Develop New Bitcoin Mining Machine

The joint venture with Highsharp will develop and commercialize a proprietary bitcoin mining machine named “Thor.”

AccessTimeIconOct 4, 2021 at 12:57 p.m. UTC
Updated Oct 4, 2021 at 1:23 p.m. UTC

Jamie Crawley is a CoinDesk news reporter based in London.

International shipping and crypto mining company Sino-Global said it will develop a new bitcoin mining machine in a joint venture with blockchain technology firm Highsharp.

  • The venture will develop and commercialize a proprietary bitcoin mining machine named “Thor,” Sino-Global announced Monday.
  • Sino-Global (Nasdaq: SINO) will make a $10 million investment over the next month to fund the venture’s operations, while Highsharp will supply the computer chips required to develop Thor.
  • The joint venture will own the intellectual property rights to Thor and plans to file a patent application with the U.S. Patent and Trademark Office.
  • According to Sino-Global CEO Lei Cao, Thor will “fill the vacuum” created by “recent crypto policy changes combined with ongoing global component shortages [that] have served to remove valuable digital mining production capacity.”
  • Formed in 2001 as a shipping company, Sino-Global announced its intention to start mining cryptocurrency in February this year, initially sourcing its machines from Bitmain.

Read more about

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Jamie Crawley is a CoinDesk news reporter based in London.

CoinDesk - Unknown

Jamie Crawley is a CoinDesk news reporter based in London.

Investing in the Future of the Digital Economy
October 18-19 | Spring Studio, NYC