The9 Limited and Russian BitRiver Signed Cryptocurrency Mining Hosting Agreement

Rhea-AI Summary

The9 Limited (Nasdaq: NCTY), an established Internet company based in China, has entered into a cryptocurrency mining hosting agreement with BitRiver, a Russian company. This partnership aims to utilize 15MW of electric capacity for The9's Bitcoin mining machines at BitRiver's data center, which has a total power supply capacity of 100MW, capable of hosting over 33,000 mining machines. The initial agreement spans two years, with a potential one-year extension. The9 is committed to seeking low-cost, sustainable energy mining facilities to support its operations and those of its partners.

Positive

• Partnership with BitRiver enhances The9's capacity for cryptocurrency mining.
• Access to 15MW electric capacity allows for efficient mining operations.
• Potential to scale operations with capacity for over 33,000 machines.

Negative

• None.

SHANGHAI, July 12, 2021 /PRNewswire/ -- The9 Limited (Nasdaq: NCTY) ("The9"), an established Internet company, today announced that it has signed a cryptocurrency mining hosting agreement with Russian company BitRiver ("BitRiver") through its wholly-owned subsidiary NBTC Limited.

BitRiver, headquartered in Moscow, was established in 2017 to provide global hosting services and a one-stop, turnkey solutions for large-scale cryptocurrency mining operations. BitRiver currently utilizes surplus hydroelectric power to operate data centers through low cost and sustainable energy that offers hosting services for cryptocurrency mining in Russia and the other regions. At present, the targeted data-center for The9's mining machines has an initial total power supply capacity of 100MW which could host more than 33,000 mining machines.

According to the agreement between the two parties, BitRiver will reserve 15MW of electric capacity for The9's Bitcoin mining machine deployment. The initial term of the agreement is 2 years. After the expiration, both parties have the right to automatically extend their cooperation for an additional one year, unless either party decides not to do so.

The9 will continue to actively seek for low-cost electricity and sustainable energy mining facilities in different regions of the world to accelerate the deployment of large-scale cryptocurrency mining machines for The9 and other partners by both self-construction of mining facilities and hosting cooperation with mining facilities companies.

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.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the United States 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. Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond The9's control. The9 may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about The9's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. 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: The9's goal and strategies; The9's expansion plans; The9's future business development, financial condition and results of operations; The9's expectations regarding demand for, and market acceptance of, its products and services; The9's expectations regarding keeping and strengthening its relationships with business partners it collaborates with; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in The9's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and The9 does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

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SOURCE The9 Limited

FAQ

What is the agreement between The9 and BitRiver?

The9 has signed a cryptocurrency mining hosting agreement with BitRiver to utilize 15MW of electric capacity for its Bitcoin mining operations.

How long is The9's agreement with BitRiver?

The initial term of the agreement is two years, with the option to extend for an additional year.

What is the total power capacity of BitRiver's data center for The9?

BitRiver's data center can support a total power supply capacity of 100MW, capable of hosting over 33,000 mining machines.

What strategies is The9 pursuing for cryptocurrency mining?

The9 aims to find low-cost electricity and sustainable energy facilities for large-scale cryptocurrency mining through partnerships and self-construction.

What is The9's stock symbol?

The9 is listed on Nasdaq under the symbol NCTY.