By Nathan Ferguson
A vast majority of people might be restricted to their homes or locked down because of the COVID-19 variant called Omicron. In the scenario of the crypto industry, nonetheless, a lot of prominent building and travel strategies are being set up.
Wealthy Asian crypto enthusiasts
Hatten Land Limited – a developer based in Southeast Asia – declared that a partnership was carried out between Hatten Edge Pte. Ltd. (its sub-branch) as well as SMI CS Pte. Ltd., to construct more than 1,000 rigs for the mining of cryptocurrency in Melaka (a state in Malaysia).
Apart from that, in the future, the number of the respective mining rigs can grow further. It was noted in the official briefing that the pilot stage for the respective mining rigs’ initial 50 sets will initiate its proceedings at the denouement of January 2022. It also added that an extra amount of 1,500 rigs would be delivered as well as installed during February and March of this year.
Malaysia and the crypto regulations
Malaysia is well-known in the industry of Bitcoin mining because there are comparatively economic power rates. In this country, the electricity price is nearly $0.092 per kWh. In case of the United States, the price of the same amount is almost $0.125. In the meantime, the electricity charges over the mining of one Bitcoin in Malaysia range from $10,000 to $20,000 – and even lesser in a few areas – as reported on the behalf of Arcane Research.
On the contrary, due to this a considerable elevation has been witnessed in the growth of uncertified miners that consume a lot of energy during their mining operations. The Malaysian authorities are strictly clamping down on these offenders because of the gravity of the theft of electricity as well as the potential hazard of fire accidents or blackouts. While showing determination in their resilient stance, the country’s authorities have confiscated more than 1,000 rigs during the recent year.
At present, several enthusiastic strategies regarding crypto mining are being pondered across Malaysia on an organizational scale. Though the electricity charges of Malaysia are attractive, the tropical climate of the country is a concerning matter. It is the fact that both the environmentalists and crypto watchers will be moving in line with the news to determine whether there is a requirement for the Southeast Asian nation to put a stop to the mining of crypto as well as its participation in the global hash rate.