Meten Holding Group Ltd. Provides Updates on Its Cryptocurrency Business
Meten Holding Group Ltd. (NASDAQ: METX) announced an update on its cryptocurrency initiatives as of February 16, 2022. The company has operationalized 867 mining machines and plans to deploy an additional 615 units by month-end, enhancing its total to 1,482 machines with around 150 PH/s computing power. Furthermore, Meten has acquired 600 XP mining machines from Bitmain, expected later this year. These developments are part of a strategic transformation towards the cryptocurrency market, aiming to bolster financial stability and long-term growth.
- Operationalized 867 mining machines, with plans for 615 more by the end of February.
- Total of 1,482 Bitcoin mining machines expected to enhance computing power to 150 PH/s.
- Acquired 600 XP mining machines from Bitmain, increasing future capacity.
- Dependence on cryptocurrency market could expose the company to significant volatility.
- The success of the cryptocurrency business is uncertain and subject to various risks.
SHENZHEN, China, Feb. 16, 2022 /PRNewswire/ -- Meten Holding Group Ltd. ("Meten Holding Group" or the "Company") (NASDAQ: METX), one of the leading omnichannel English language training ("ELT") service providers in China, today provided an update on the Company's cryptocurrency business.
To date, the Company has put 867 mining machines into operation, consisting of 147 mining machines purchased in small batches and 720 mining machines purchased from AGM Group Holdings Inc. ("AGMH") (Nasdaq: AGMH). The remaining 615 mining machines purchased from AGMH are expected to be deployed and put into operation by the end of this month. The Company currently has a total of 1482 units of Bitcoin mining machines with a computing power of approximately 150PH/s.
In addition, the Company has recently purchased 600 XP mining machines from Bitmain Technologies Ltd. ("Bitmain") with an aggregate computing power of approximately 100PH/s. These mining machines are expected to be delivered in the second half of this year.
The Company has made significant progress with its cryptocurrency business, which is one of the core businesses of the Company's strategic transformation in 2022. The Company intends to continue to develop its cryptocurrency business through purchasing more mining machines. The Company expects that maintaining and operating these mining machines in a safe and robust way will help the Company with its financial stability and long-term growth.
Mr. Alan Peng, Chief Executive Officer of Meten Holding Group commented: "We are excited to see the progress we have made so far and the potential for our cryptocurrency business to grow in the long term. With the recent purchases and the plan to further increase the number of mining machines, we are committed to the cryptocurrency business and aim to continue to improve our financial conditions as well as maximizing value for our shareholders."
About Meten Holding Group Ltd.
Meten Holding Group Ltd., formerly known as Meten EdtechX Education Group Ltd., is one of the leading omnichannel ELT service providers in China, delivering English language and skills training for Chinese students and professionals. In addition to strengthening its position in the ELT service industry in China, Meten also engages in blockchain and cryptocurrency mining business outside China, with a long-term goal of creating value across the cryptocurrency industry. Meten expects to engage in businesses related to blockchain and metaverse in North America and other countries and areas around the world (not including China), including cryptocurrency mining, mining farm construction, and mining pool and data center operation.
For more information, please visit: https://investor.metenedu-edtechx.com/.
Safe Harbor Statement
This announcement contains forward-looking statements that involve risks and uncertainties. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the future development of and the Company's ability to succeed in its new line of business in cryptocurrency and blockchain industry; the continuing impact of the COVID-19 pandemic and the emergence of new variants; our ability to attract students without a significant decrease in course fees; our ability to continue to hire, train and retain qualified teachers; our ability to maintain and enhance our brands; our ability to effectively and efficiently manage the expansion of our school network and successfully execute our growth strategy; the outcome of ongoing, or any future, litigation or arbitration, including those relating to copyright and other intellectual property rights; competition in the English language training sector in China; changes in our revenues and certain cost or expense items as a percentage of our revenues; the expected growth of the Chinese English language training and private education market; Chinese governmental policies relating to private educational services and providers of such services; health epidemics and other outbreaks in China; and general economic conditions in China. The Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no duty to update such information, except as required under applicable law.
For investor and media inquiries, please contact:
Ascent Investor Relations LLC
Tina Xiao
+1 917-609-0333
tina.xiao@ascent-ir.com
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SOURCE Meten Holding Group Ltd.
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