Coolpad Group Invests $13.5 Million in Bitcoin Mining Rigs

Chinese telecom provider Coolpad Group has announced an investment of $13.5 million to purchase 2,700 Bitcoin mining rigs from JingYun Intelligent Technology Limited. This move aims to boost Coolpad's computing power from 873,000 TH/s to an estimated 1,504,800 TH/s. The company plans to deploy the mining rigs in North America and expects the transaction to be completed within three months. This investment follows Coolpad's earlier declaration in May of a $28 million investment plan to acquire shares of publicly traded Bitcoin mining companies like CleanSpark, ARK 21Shares Bitcoin ETF, and Grayscale Bitcoin Trust. Coolpad highlights the potential of blockchain technology and crypto assets as a driver for expanding its digital currency business.