Asian Tech Press (Nov 6) -- Chinese smartphone maker Coolpad Group Ltd (02369.HK) disclosed that its subsidiary spent about $12 million to expand its digital currency business.

Coolpad said in a statement that between Aug. 9 and Nov. 3, its subsidiary Xcentz Limited entered into a series of purchase contracts for a total consideration of US$12,086,749.1 (HK$94,639,000) for the procurement of, among other things, electronic computing servers for crypto mining.

The company is actively identifying opportunities to enter the digital currency sector and plans to deploy its equipment in North America.

Upon completion of the transaction, Coolpad's computing power will increase from 178,000 TH/S to 778,000 TH/S.

Coolpad said the purchase will allow it to expand its digital currency business and achieve a more diversified business segment balance, as well as provide it with long-term revenue stability.