(NASDAQ:AEI) ("AEI" the "Group" or "Company"), a diversified holding company principally engaged through its subsidiaries in the development of smart and sustainable home communities and other property development, financial services, digital transformation technologies, biohealth activities and consumer products, is pleased to announce that the Company plans to embark on a cryptocurrency mining business through Alset Mining Inc. ("Alset Mining"), a wholly-owned subsidiary of the Company.
Alset Mining will primarily be engaged in investment within the cryptocurrency mining industry. Cryptocurrency mining refers to the process that verifies and adds new transactions to the blockchain by solving complex mathematical equations for a cryptocurrency. The miner that solves the complex mathematical equations first is rewarded with the respective cryptocurrency. The cryptocurrency mining industry consist of stakeholders such as hardware and software manufacturers, hosting and mining service providers (akin to data centers), as well as corporate and private miners.
In the year ahead, Alset Mining will endeavor to take advantage of the potential of the cryptocurrency mining space by acquiring mining rigs to create a consistent stream of revenue. Alset Mining will also search for low cost sustainable sources of energy such as wind, solar or hydroelectricity for its cryptocurrency mining operations to align its sustainability efforts with the Company's mission of sustainable healthy living.
"As the cryptocurrency mining market is expected to reach USD5.29 billion by 2028 with a CAGR of 28.5%(1), this represents a huge upside within this emerging technology space that is rapidly changing every day. We believe that the cryptocurrency mining opportunities in the market remain profitable. We will take prudent and measured steps as the industry evolves." commented Mr.
Chan Tung Moe, Co-Chief Executive Officer of the Company
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