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At the beginning of 2022, and after a thorough study, the company invested in the cryptocurrency mining business in Laos in cooperation with both international and local partners with specific expertise, such as mining technology and equipment, mainly provided by our partners in China, as well as licensing and renewable energy provided by our local partner. Together with the company's electrical management expertise, UPA foresees the potential and advantages of doing such business. On March 8, 2022, the company started operating with 400 mining machines and will furthermore install an additional machine according to the following plan:
At the end of March 2022, the company will install additional 2,000 machines and reach total of 2,400 machines.
At the end of April 2022, the company plans to install additional 2,000 machines and reach total of 4,400 machines.
At the end of June 2022, the company plans to install additional 1,600 machines and reach total of 6,000 machines.
The company uses high-performance mining equipment, resulting in an estimated daily bitcoin mining range of 2.5 - 3.1 Bitcoins with a 6,000 units capacity. Cost wise, with electricity considered being the main operation cost in the mining facilities, the company has chosen the use of clean energy such as hydropower for a sustainable operation. Moreover, the company has secured a 20-megawatt electricity concession from the Lao State Electricity Enterprise for the Pakse, Champassak province mining project, and an additional right to use another 20 megawatts of electricity for the operation of Cryptocurrency Mining Business, which will be proposed to the Company to consider the additional investment on the discretion of the Company. From the reasons mentioned above, the risk of power shortage is limited. Although such investments have high returns and limited risks from having strong alliances, the company continues to closely monitor the performance and gradually invest cautiously to maximize the benefits to shareholders and all other related parties.
