Sino-Global is going to fund, in a joint-venture with Highsharp, the design and construction of what is called the Thor Bitcoin Mining Machine.
Sino-Global will, in a joint venture with blockchain, hardware, software, and cloud-based company Highsharp, be developing high-performance mining computers. Sino-global will invest $50M over the next few years, which will come from existing assets and future capital raises, while Highsharp will exclusively supply high-performance computing chips. The provision of the chips will be the subject of a purchasing agreement. The joint-venture scope will include collaborative engineering, technical development and commercialization of a proprietary bitcoin mining machine, code-named Thor. Sino-Global will initially invest $10M investment in the next month into the venture. There will be a patent filed for the Thor Bitcoin Machine.
Sino-Global’s gradual adoption of crypto
Sino-Global has recently sought to expand its full-service shipping business by investing in the cryptocurrency space, specifically mining and NFTs, and began accepting bitcoin as payment in March 2021.
New executive leadership, who have experience in information technology, blockchain and cryptocurrency mining operations, were added in Feb 2021, as part of Sino-Global’s foray into Bitcoin mining. They recently purchased 2783 digital currency operation servers from Hebei Yanghuai Technology Co., Ltd.
They have acquired a 60% equity stake of blockchain infrastructure developer Super Node LLC. Sino-Global have recently launched an NFT platform called CyberWorld V0.1 upon SuperNode’s e-commerce public chain, CyberMiles.
Crypto milestones for the shipping industry
Cryptocurrency has had a major influence on the shipping industry in recent years. Major milestones include:
- The first container being processed with the blockchain-based CargoX Smart Bill of Lading in Slovenia in 2018. The Bill of Lading for the shipment was issued electronically and transferred with the help of a secure and reliable public blockchain network in a matter of minutes.
- Maersk and IBM have partnered to employ a blockchain-enabled shipping solution designed to bring together different parties to support information sharing and transparency.
- The world’s first blockchain platform for the marine insurance sector, a collaboration between EY and Guardtime
Global shipping ocean carriers CMA CGM, Cosco Shipping Lines, Evergreen Marine, OOCL, Yang Ming have signed a memorandum of understanding to form a consortium to develop the Global Shipping Business Network (GSBN), an open digital platform, based on distributed ledger technology.
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BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.