The Nasdaq-listed maritime logistics firm Sino-Global Shipping America announced plans to release a new Bitcoin mining device as part of a partnership with technology company Highsharp.
The joint venture will undertake design, technical development, and commercialization of a Bitcoin miner under the Thor brand. The JV will obtain exclusive rights to the product, including intellectual property, marketing, and sales.
Sino-Global will invest $10 million to fund the joint venture’s activities in the next month.
The company agreed to allocate about $50 million over several years to support work conducted in the United States, including design and testing.
Highsharp will become the exclusive supplier of specialized chips for the JV.
Lei Zhao, Sino-Global’s CEO, called the business project an “important strategic event” for the company with “the potential for significant long-term value.” According to him, the JV is intended to meet demand for mining equipment.
“Recent changes in crypto policy, combined with ongoing global shortages of components, have led to a shortfall in manufacturing capacity in the digital mining space. We intend to fill this vacuum,” said Sino-Global’s chief.
As reported in September 2020, there was a shortage of bitcoin mining equipment in the market.