Hatten Land postpones cryptocurrency mining until January, citing supply chain issues

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Supply chain issues have caused a delay in the delivery of cryptocurrency mining machines. Therefore Hatten Land will only begin cryptocurrency mining operations in January 2022.

In answer to questions from the Securities Investors Association (Singapore), or Sias, on its operating intentions for its digital currency and cryptocurrency mining activities, the Malaysian property developer announced this on Thursday (Dec 30).

The Catalist-listed firm said that the recent tightening of border control procedures as a consequence of Covid-19 added to the delay by delaying the deployment of technical experts from Singapore to Melaka.

As a result, the start of cryptocurrency mining operations, which included 80 rigs in a trial phase, has been pushed back until January of next year.

Despite this, Hatten Land intends to have more than 2,500 cryptocurrency mining devices placed at its cryptocurrency mining site by the end of next year, with intends to expand to 10,000 units shortly as it partners with additional cryptocurrency mining collaborators.

It also said that likely to rise significantly from the second half of 2022. Hatten Land earlier stated that its wholly-owned company signed a memorandum of understanding with SMI Vantage, which is listed on the mainboard, to investigate cryptocurrency mining potential jointly.

From December 2021, SMI Vantage plans to install and manage up to 2,000 crypto mining machines on Hatten Land’s Melaka sites.

Separately, Sias had requested information on the operational performance of the property developer’s ventures, including Hatten City Phase 1 and 2, Vedro by the River, and Unicity.

Hatten Land responded by saying that the Malaysian government’s mobility restrictions established in response to the Covid-19 outbreak had harmed domestic and international tourism, reducing foot traffic to the company’s malls and property development projects.

According to the company, Hatten Land is prepared to recommence commercial activities, which will also begin gradual attempts to reuse its malls.

“These efforts aim to not only invigorate retail activities and enhance retail experiences in our malls by creating an omnichannel or ‘phygital’ retail platform with e-commerce and our real estate assets, but also open up new opportunities such as digital assets and digital economy activities,” it said.

Hatten Land’s Catalist-listed shares fell 0.1 cent, or 1.9 percent, to 5.3 cents on Tuesday, ahead of the announcement.

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