Sino-Global Shipping Partners With Highsharp for New BTC Mining Machine

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In Brief
  • U.S. shipping company Sino-Global continues its expansion into the crypto mining space by partnering with Highsharp to build mining rigs.

  • The expansion comes as the latest in a series of acquisitions and investments in the crypto payments, mining, and NFT space.

  • The new machines, code-named the “Thor Bitcoin Machine,” will be the subject of a jointly filed patent in the U.S.

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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.

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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.

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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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