Singapore-based investment management and SaaS provider firm, SMI Vantage, is gearing up to inaugurate a Bitcoin mining facility in Sarawak, Malaysia. The initiative, part of SMI Vantage Y45, was solidified after its wholly-owned subsidiary, SMI CS, signed an offer to rent agreement with Sovereign Systemtechnik (Sarawak) Sdn Bhd. This strategic move enables the company to set up its Bitcoin mining operations in the state of Sarawak, Borneo, and equip the facility with cutting-edge Bitcoin mining machines enclosed in containerized shells.

SMI Vantage has strategically selected Sarawak, Malaysia, as the location for its mining operations, leveraging the region’s low electricity costs and abundant hydroelectric power resources. The company anticipates commencing Bitcoin mining in the third quarter of 2023, marking a pivotal moment for the cryptocurrency industry in Malaysia. This facility will be among the first large-scale Bitcoin mining operations in the country, significantly contributing to increasing Malaysia’s hashrate – the total computing power used to mine and process Bitcoin.

A higher hashrate not only fortifies the Bitcoin network, making it more secure and resistant to attacks, but it also raises the bar for miners, necessitating more potent and costly mining hardware. Additionally, the establishment of SMI Vantage’s Bitcoin mining facility will have a positive ripple effect on the Malaysian economy by creating employment opportunities and generating tax revenue for the government.

The inception of SMI Vantage’s Bitcoin mining facility underscores the burgeoning interest in Bitcoin mining in Malaysia. The company’s substantial investment in a large-scale mining operation signals strong confidence in the future of Bitcoin.