SHANGHAI, 25 January 2021 / PRNewswire / – The9 Limited (Nasdaq: NCTY) (“The9”), an established internet company, today announced the signing of five Memorandum of Understanding (collectively the “MOUs”) with five Bitcoin mining machine owners to purchase Bitcoin mining machines through the issuance of Class A common stock. After the transaction is completed, The9 is expected to own 26007 mining machines Bitcoin, with a total hash rate of around 549PH / S, representing around 0.36% of Bitcoin’s global hash rate. The majority of these mining machines have already been deployed in Xinjiang, Sichuan and Gansu in China.
According to the MoUs, The9 will issue a number of Class A common shares to each Bitcoin mining machine owner in exchange for the transfer of the Bitcoin mining machines and related rights and interests of equal value to The9. The9 will designate its wholly owned subsidiaries, including NBTC Limited, as the owner of such mining machines.
The9 will appoint a third party valuation company to conduct a fair price review and assessment of the market for Bitcoin mining machines. The parties plan to complete the signing of the final agreements and execute the transactions within one month of the signing of the memoranda of understanding.
Today, The9 also signed the definitive cooperation and investment agreement with Mr. Jianping kong, the former director and co-chairman of Canaan Inc. (Nasdaq: CAN, the leading manufacturer of Bitcoin mining machines listed on the Nasdaq) and the other partners, who will all assist The9 in its development of the cryptocurrency mining business . NBTC Limited has just started buying Bitcoin mining machines, with plans to build cryptocurrency mining facilities around the world.
About The9 Limited
The9 Limited (The9) is an internet company based in China listed on Nasdaq in 2004. The9 aims to become a diversified high-tech internet company.
SOURCE The9 Limited