SMI Vantage Limited, a Singapore-based firm focused on developing new economy businesses, plans to set up its Bitcoin mining business in Malaysia.

SMI Vantage has on Thursday announced the signing of an offer to rent agreement by its wholly-owned subsidiary SMI CS Pte Ltd.

The agreement allows SMI Vantage to set up its Bitcoin mining business in Sarawak.

According to the statement, SMI Vantage will fit out the facility with state-of-the-art Bitcoin mining machines housed in containerized shells.

The new machines together with the lower cost of electricity enables the company to mine Bitcoin more cost-effectively.

SMI Vantage will begin the process of installing the first of its two containerized mining rigs and expects to commence mining Bitcoin in the third quarter of 2023.

SMI Vantage was advised on this agreement by Sovereign Systemtechnik (Sarawak) Sdn Bhd (Sovereign), with whom a strategic partnership agreement was signed in Sept 2022 to investigate a number of new business opportunities including data center management, food and beverage (F&B) and other business areas of interest to SMI.

SMI Vantage is an investment and management company focused on capitalizing on strong trends in the new economy including food and beverage related businesses, technology-based software as a service (SaaS) services and other high-tech platforms.

Listed on the Main Board of the Singapore Stock Exchange, SMI Vantage Limited has a highly capable and experienced management team with a proven track record in building strong business partnerships and alliances.