Electric car manufacturer Happy Motors plans to acquire controlling stake in a Middle Eastern cryptocurrency mining company

Odaily Planet Daily News: Chinese electric car manufacturer Kaixin is seeking a strategic shift, planning to acquire a controlling stake in a cryptocurrency mining company in the Middle East, in an attempt to diversify from its traditional automotive business. According to a press release, the company is in the later stages of evaluating potential acquisitions. The target business features cost-effective Bitcoin mining and provides comprehensive cloud hosting services to meet the growing industry demand. Energy security seems to be the main driving factor behind strategic site selection. Due to the company's ongoing evaluation process, the specific completion time of the transaction is still unclear. （crypto.news）