KUALA LUMPUR - June 13, 2024 (GLOBE NEWSWIRE) -- 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.
