SINGAPORE, Mar 23, 2022 - (ACN Newswire) - Singapore Exchange-listed Alset International Ltd (SGX Stock Code: 40V) ("Alset", the "Company" or with its subsidiaries, the "Group) wishes to announce that it has plans to embark on cryptocurrency mining business through its subsidiary Alset Mining Pte. Ltd. ("Alset Mining").
Alset Mining will primarily be engaged in investment within the cryptocurrency mining industry. Cryptocurrency mining refers to the process that verifies and adds new transactions to the blockchain by solving complex mathematical equations for a cryptocurrency. The miner that solves the complex mathematical equations first is rewarded with the respective cryptocurrency. The cryptocurrency mining industry consist of stakeholders such as hardware and software manufacturers, hosting and mining service providers (akin to data centers), as well as corporate and private miners.
In the year ahead, Alset Mining endeavours to take advantage of the potential of the cryptocurrency mining space by acquiring mining rigs to create a consistent stream of revenue. The company will also search for low cost sustainable sources of energy such as wind, solar or hydroelectricity for its cryptocurrency mining operations to align its sustainability efforts with the Company's mission of sustainable healthy living.
"As the cryptocurrency mining market is expected to reach USD5.29 billion by 2028 with a CAGR of 28.5%, this represents a huge upside within this emerging technology space that is rapidly changing every day. We believe that the cryptocurrency mining opportunities in the market remains profitable. We will take prudent and measured steps as the industry evolves." commented Mr Chan Tung Moe, Executive Director and Co-Chief Executive Officer of the Company.
About Alset Mining Pte. Ltd.
Alset Mining will primarily be engaged in investment within the cryptocurrency mining industry. Alset Mining endeavours to take advantage of the potential of the cryptocurrency mining space by acquiring mining rigs to create a consistent stream of revenue.
About Alset International Ltd
Incorporated on 9 September 2009 and listed on the Singapore Exchange in July 2010, Alset International Ltd operates as a global enterprise involved in (i) property development and investments primarily in the United States; (ii) development, research, testing, manufacturing, licensing and distribution of biomedical products; (iii) asset management with a primary focus in the US medical and housing REIT space; (iv) direct sales of a variety of health and wellness products; (v) information technology-related businesses including blockchain technology; and (vi) food and beverage business under the Group's hospitality segment. For more information, please visit: www.alsetinternational.com or email email@example.com.
Alset International Ltd
[SGX: 40V] [RIC: ALSE:SI] [BBG: ALST:SP]
Topic: Press release summary
Source: Alset International Ltd
Sectors: Crypto, Exchange, Blockchain Technology, Mining & Staking
From the Asia Corporate News Network
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