Code Chain New Continent Limited Announces Delivery and Deployment of 10,000 Purchased Bitcoin Mining Machines

Rhea-AI Summary

Code Chain New Continent Limited (NASDAQ: CCNC) has successfully completed the acquisition of 10,000 Innosilicon T2T Bitcoin mining machines, enhancing its capacity to an estimated 240 PH/s. The delivery process, conducted under stringent regulatory supervision, took place in Xinjiang, China, from March 2 to 5, 2021. Co-CEO David Feng expressed confidence in the strategic expansion, aiming to capitalize on the rising Bitcoin prices, which have surpassed $57,000, potentially increasing shareholder value.

Positive

• Acquisition of 10,000 Bitcoin mining machines increases capacity to 240 PH/s.
• Transaction completed under strict regulatory compliance, ensuring legitimacy.
• Rising Bitcoin prices (over $57,000) create market opportunities for the company.

Negative

• None.

NEW YORK, March 18, 2021 /PRNewswire/ -- Code Chain New Continent Limited (the "Company" or "Code Chain" or "We") (NASDAQ: CCNC), a leading eco-technology company, today announced that it completed the previously announced purchase of 10,000 Innosilicon T2T Bitcoin mining machines with Chengdu RiZhanYunJisuan Co., Ltd. The miners are expected to be immediately deployed to provide an estimated 240 PH/s of Bitcoin mining hash rate capacity.

To  ensure regulatory compliance with mining machine delivery, the Company's Chief Financial Officer, Auditor, local legal counsel, and a third-party evaluation advisor supervised and diligently guided the proper delivery procedure of the 10,000 miners at several locations in Xinjiang, China from March 2 to 5, 2021.

David (Weidong) Feng, Co-CEO of the Company, commented, "We are pleased to have successfully purchased and delivered 10,000 Innosilicon T2T Bitcoin mining machines. Since the Bitcoin price recently surpassed $57,000, the values attributed to Bitcoin mining enterprises have risen dramatically. Code Chain is excited and focused on the tremendous market-driven opportunities, and continues to move forward with its expansion strategy to maximize our shareholder value."

About Code Chain New Continent Limited

Founded in 2009, Code Chain New Continent Limited engages in the research, development, and sale of solid waste recycling systems for the mining and industrial sectors, the wholesale and sale of fuel materials, harbor cargo handling services and production and sales of coating materials in the PRC. It provides end-users in these markets with a clean alternative to traditional waste disposal by significantly reducing solid waste discharge into the environment and enabling such users to extract value from valuable metals and other industrial waste materials. Upon completion of Sichuan Wuge Network Games Co., Ltd. ("Wuge"), the Company has also diversified its business. Wuge was established in 2019 and is still in this early developing stage. Wuge produced electronic tokens that combine the five-W elements (when, where, who, why, what), geographic location via the Beidou satellite system and identity information using Code Chain technology. The electronic tokens are unique, tradable, and inheritable digital assets and cannot be tampered. The electronic tokens are based on and stored in the Code Chain system and can be used to monitor and document all kinds of consumer behaviors that involve code-scanning.

Safe Harbor Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including certain plans, expectations, goals, and projections, which are subject to numerous assumptions, risks, and uncertainties. These forward-looking statements may include, but are not limited to, statements containing words such as "may," "could," "would," "plan," "anticipate," "believe," "estimate," "predict," "potential," "expects," "intends", "future" and "guidance" or similar expressions. These forward-looking statements speak only as of the date of this press release and are subject to change at any time. These forward-looking statements are based upon management's current expectations and are subject to a number of risks, uncertainties and contingencies, many of which are beyond the Company's control that may cause actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. The Company's actual results could differ materially from those contained in the forward-looking statements due to a number of factors, including those described under the heading "Risk Factors" in the Company's public filings with the Securities and Exchange Commission, including the Company's annual report on 10-K. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required under applicable law.

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SOURCE Code Chain New Continent Limited

FAQ

What recent acquisition did Code Chain New Continent Limited announce?

Code Chain announced the acquisition of 10,000 Innosilicon T2T Bitcoin mining machines.

What is the estimated Bitcoin mining capacity of Code Chain after the recent purchase?

The estimated Bitcoin mining capacity is 240 PH/s.

When was the delivery of the new Bitcoin mining machines completed?

The delivery was completed from March 2 to 5, 2021.

How has the recent Bitcoin price affected Code Chain New Continent Limited's strategy?

The recent Bitcoin price surpassing $57,000 has created opportunities for strategic expansion and increased shareholder value.