Singularity Future Technology and Golden Mainland Invest About $250 Million to Build Bitcoin Mining Farm

Nasdaq-listed blockchain technology company Singularity Future Technology said Monday that it had formed a joint venture with electricity service provider Golden Mainland Inc to build bitcoin mining facilities in the United States, according to reports. In the joint venture, the two companies will build bitcoin mining farms with a total capacity of 1 GW. According to the press release, the joint venture plans to invest about $250 million to build mines in Texas, Ohio, and elsewhere. The two companies will build a total of 1GW of mining farms that can accommodate up to 300,000 bitcoin miners, each with an energy consumption of 3,400 watts per hour. Singularity Future Technology will have a 51% stake in the joint venture, with Golden Mainland 49%. In addition, Singularity plans to invest nearly $10 million to continue operations.