"Wow, it looks like Sarawak will be more advanced in this industry."
In order to take advantage of the state's relatively low electricity rates, SMI Vantage, listed on the Singapore Stock Exchange (SGX), is in the process of establishing a Bitcoin (BTC) cryptocurrency mining business in Sarawak.
SGX's wholly-owned subsidiary, SMI CS has signed an offer-to-lease agreement with government-owned Sovereign Systemtechnik (Sarawak) for the BTC mining business.
Please be informed that the comparison of electricity tariffs in industrial use for Peninsular Malaysia, Sarawak and Singapore clearly shows why the country is more interested in establishing BTC mining operations in the states of East Malaysia.
Following that, SMI Vantage said that it will begin the process of installing the first of its two bitcoin mining rigs, with BTC mining expected to begin in the third quarter of 2023.
Through observation, Sarawak's lower electricity tariff than TNB has explained why SMI Vantage did not open a store across the Dam in Johor.
There is no denying that it is headquartered in Singapore, but SMI Vantage has ventured into various businesses, including tourism, fashion retail, logistics, construction services, food and beverage.
It is well known that Sovereign Systemtechnik was formed through a joint venture between Permodalan ASSAR Sdn Bhd owned by the Sarawak state government and Sovereign Sengalang Sdn Bhd.
In addition to wanting to participate in Sarawak's oil and gas industry, Sovereign Systemtechnik's main goal is to benefit from the state's finances, which has more than 70,000 shareholders in Amanah Saham Sarawak (ASSAR).
