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Chinese electric vehicle manufacturer Kaixin is looking for a strategic shift with plans to acquire a controlling stake in a Middle Eastern cryptocurrency mining operation.
The announcement depicts a major jump and diversification from its traditional automotive business.
<h3 class="wp-block-heading" id="kaixin-in-advanced-stages-of-acquisition">Kaixin in advanced stages of acquisition</h3>
According to Kaixin’s press release, the Beijing-based company is in advanced stages of evaluating the potential acquisition.
The target operation features cost-efficient Bitcoin mining machines and provides comprehensive cloud hosting services to meet growing industry demand.
Kaixing stated that the facility’s key advantage lies in its access to stable, long-term energy supplies. The company stated that this is crucial for maintaining profitable operations.
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This energy security aspect appears to be a primary driver behind the strategic choice of location.
Kaixin currently operates as a leading new energy vehicle manufacturer in China. The company maintains professional teams across R&amp;D, production, and marketing.
Unlike many traditional automotive companies, Kaixin’s move into cryptocurrency mining represents a different and bold strategic pivot.
The company aims to use its existing expertise in sustainable operations while expanding into the crypto sector.
Kaixin stated in its <a href="https://www.ksnt.com/business/press-releases/globenewswire/9273710/kaixin-holdings-explores-strategic-alternatives-with-potential-acquisition-in-crypto-mining-sector/" target="_blank" rel="noopener noreferrer nofollow">press release</a>:
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 “This acquisition represents our commitment to exploring new growth avenues while maintaining our core automotive excellence.”
</blockquote>
However, the exact timeline for when the deal will close remains unclear as the company continues its evaluation process.&nbsp;
The global crypto market cap has also surged past $3.04 trillion as Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC</a>) has created new all-time highs in the past few days. Alongside BTC, several other altcoins have exhibited double-digit gains in the last seven days.
Read more: <a rel="noopener noreferrer nofollow" href="https://crypto.news/nft-sales-surge-94-1-to-178-8m-ethereum-network-ranks-first/"> NFT sales surge 94% to $178.8m, Ethereum network ranks first </a>

Kaixin plans crypto mining expansion amid Bitcoin’s new all-time high

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