Sino-Global Shipping America plans to support the design and building of the Thor Bitcoin Mining Machine in a joint venture with Highsharp.
Sino-Global will make high-end mining machines in collaboration with blockchain technology, software, hardware, and cloud computing business Highsharp. Highsharp will only supply powerful computing chips, with Sino-global investing £36.75 million over the starting years from existing assets and potential capital raising. The chips will come under the terms of a purchase agreement. Proprietary bitcoin mining machine Thor, the focus of the joint venture, will involve co-engineering, technical innovation, and commercialisation. Sino-Global will make a £7.35 million investment in the project in the coming month. The Thor Bitcoin Machine will be the subject of a patent application.
Sino-Global has pushed to grow its business by making investments in cryptocurrency area, primarily mining and non-fungible tokens (NFTs). The company has been accepting bitcoin as payment for shipping, logistics, and frieght services since March.
As part of Sino-Global’s entry into bitcoin mining, new senior leadership with experience in IT, blockchain technology, and cryptocurrency mining was added in February. Hebei Yanghuai Technology Co., Ltd. recently delivered the shipping business over 2,780 digital currency operation servers.
Sino-Global bought a 60% ownership in Super Node LLC, a blockchain infrastructure company. Sino-Global has recently introduced CyberWorld V0.1, an NFT platform on Super Node’s CyberMiles e-commerce public chain.
In recent years, cryptocurrency has had a significant impact on the shipping business. In Slovenia, the first container was processed using the blockchain-based CargoX Smart Bill of Lading in 2018. The shipment’s Bill of Lading was generated electronically and sent using a reliable and secure public blockchain network.
Cosco Shipping Lines, Evergreen Marine, Yang Ming, CMA CGM, OOCL, and other global shipping ocean carriers have signed a memorandum of understanding to join a partnership to develop the Global Shipping Business Network (GSBN), a trade data utility platform based on a permissioned blockchain with strong data governance.