VCI Global Enters Into Partnership to Develop Large-Scale Bitcoin Mining Opportunities
13 Juin 2024 - 2:39PM
VCI Global Limited (NASDAQ: VCIG) (“VCI Global”, “VCIG”, or the
“Company”), is pleased to announce a strategic partnership aimed at
advancing large-scale Bitcoin mining farm. VCI Global will
collaborate with Emerging Hub Limited (“Emerging Hub”), a company
co-founded by Mr. Wallace Ma, who is well established in this
sector with extensive experience in the industry with 6,000 Bitcoin
miners currently in operation.
According to Statista, as of June 2024,
Bitcoin’s market capitalization continues to grow, reaching US$
1.39 trillion with an annual growth rate of 178.4%, reinforcing its
position as a leading store of value in the cryptocurrency
landscape. This unique proposition makes Bitcoin an attractive
investment choice, distinguishing it from traditional assets. As
VCI Global and Emerging Hub embark on their strategic partnership
to advance large-scale Bitcoin mining farms, they recognize the
inherent stability and growth potential that Bitcoin offers.
In phase one of this partnership, a 35-megawatt
(MW) Bitcoin mining farm will be developed, expected to accommodate
10,000 Bitcoin mining rigs that together are forecasted to generate
over 2 exahashes per second (EH/s), projected to yield over 500
Bitcoins by the end of the first year. Subsequently, production
will gradually increase, and more mining rigs will be added in
subsequent phases. The objective is to mine over 2,000 Bitcoins
within a five-year period. Based on the current market price of
over US$ 65,000 per Bitcoin, this would value the total mined
Bitcoin at around US$ 130 million, without considering any price
appreciation. Under this arrangement, VCIG anticipates securing a
30% share of the mined Bitcoin.
VCIG and Emerging Hub have initiated
negotiations with certain government bodies and a prominent energy
player, who will be supplying environmentally friendly Liquefied
Natural Gas (LNG) to power the mining machines, ensuring
sustainable and efficient operations.
“Our venture into Bitcoin mining is not only
about embracing innovation but also positioning ourselves at the
forefront of the digital economy’s evolution. Bitcoin represents a
paradigm shift in monetary systems, embodying scarcity and security
in our increasingly digital world. As the most secure and
decentralized digital asset, Bitcoin stands as a robust store of
value. Its limited supply and growing market capitalization offer
significant potential for value appreciation, especially as it
garners mainstream acceptance through initiatives like ETF launches
and regulatory approvals by major institutions,” said Dato’ Victor
Hoo, Group Executive Chairman and Chief Executive Officer of VCI
Global.
About VCI Global Limited
VCI Global is a diversified holding company.
Through its subsidiaries, it focuses on consulting, fintech, AI,
robotics, and cybersecurity. Based in Kuala Lumpur, Malaysia, our
main operations are centered in Asia, with significant visibility
across Asia Pacific, the United States, Europe, and the Middle
East. VCIG primarily offers consulting services in capital markets,
real estate, AI, and technology. In technology businesses, the
company operates a proprietary financing platform that serves
companies and individuals, as well as a secured messaging platform
serving governments and organizations. We also invest, incubate,
accelerate, and commercialize businesses and technologies in AI and
robotics.
For more information on the Company, please log on to
https://v-capital.co/.
Cautionary Note Regarding Forward-Looking
Statements
This press release contains forward-looking
statements that are subject to various risks and uncertainties.
Such statements include statements regarding the Company’s ability
to grow its business and other statements that are not historical
facts, including statements which may be accompanied by the words
“intends,” “may,” “will,” “plans,” “expects,” “anticipates,”
“projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,”
“potential” or similar words. Actual results could differ
materially from those described in these forward-looking statements
due to certain factors, including without limitation, the Company’s
ability to achieve profitable operations, customer acceptance of
new products, the effects of the spread of Coronavirus (COVID-19)
and future measures taken by authorities in the countries wherein
the Company has supply chain partners, the demand for the Company’s
products and the Company’s customers’ economic condition, the
impact of competitive products and pricing, successfully managing
and, general economic conditions and other risk factors detailed in
the Company’s filings with the United States Securities and
Exchange Commission (SEC). The forward-looking statements contained
in this press release are made as of the date of this press
release, and the Company does not undertake any responsibility to
update the forward-looking statements in this release, except in
accordance with applicable law.
CONTACT INFORMATION:
For media queries, please contact:
VCI Global Limitedenquiries@v-capital.co
VCI Global (NASDAQ:VCIG)
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