The9 Limited and SolarCoin, a Kyrgyzstan Cryptomining Company, Signed Contract on Purchase of Computing Center

Rhea-AI Summary

The9 Limited (Nasdaq: NCTY) has signed a Purchase Agreement with SolarCoin LLC for a blockchain computing center in Kyrgyzstan. This deal grants The9 access to 31.5MW of electricity capacity to support 7,500 Antminer S19J Bitcoin mining machines, which will contribute approximately 675PH/s hash power. Construction is expected to be completed by the end of July 2022, with an anticipated electricity cost of $0.05/kWh. The acquisition includes ownership of transformers, supporting equipment, and land usage rights.

Positive

• Acquisition of 31.5MW electricity capacity enhances Bitcoin mining capabilities.
• Expected low electricity cost of $0.05/kWh supports profitability.
• The9 aims to expand its blockchain business through this strategic partnership.

Negative

• None.

SHANGHAI, May 11, 2022 /PRNewswire/ -- The9 Limited (Nasdaq: NCTY) ("The9"), an established Internet company, today announced that its wholly-owned subsidiary NBTC Limited and Kyrgyzstan enterprise SolarCoin LLC (hereinafter referred to as "SolarCoin") have signed a Purchase Agreement (the "Agreement") regarding a block chain computing center in Kyrgyzstan, pursuant to which The9 will obtain 31.5MW electricity capacity for the deployment of its 7,500 Antminer S19J Bitcoin mining machines contributing approximately 675PH/s hash power. The parties are looking forward to complete the construction work and have the computing center powered on around the end of July 2022. The expected electricity cost of the computing center is US$0.05/kWh.

According to the Agreement, The9 will acquire the ownership of transformers with a capacity of 31.5 MW along with the supporting low voltage equipment, plant and its internal supporting facilities (high voltage excluded), network equipment as well as the right to use the high voltage equipment and land in perpetuity.

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, and is engaged in blockchain business including the operation of cryptocurrency mining and Metaverse celebrity social platform NFTSTAR.

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.

View original content:https://www.prnewswire.com/news-releases/the9-limited-and-solarcoin-a-kyrgyzstan-cryptomining-company-signed-contract-on-purchase-of-computing-center-301544801.html

SOURCE The9 Limited

FAQ

What is The9 Limited's recent agreement with SolarCoin about?

The9 Limited signed a Purchase Agreement with SolarCoin LLC to acquire a blockchain computing center in Kyrgyzstan.

What are the details of the computing center acquisition by The9 Limited?

The9 Limited will obtain 31.5MW electricity capacity for Bitcoin mining, aiming to deploy 7,500 Antminer S19J machines.

What is the expected completion date for The9 Limited's computing center?

The construction of the computing center is expected to be completed by the end of July 2022.

What will be the electricity cost for the new computing center of The9 Limited?

The expected electricity cost for the computing center is $0.05 per kWh.

How much hash power will The9 Limited's mining machines contribute?

The mining machines will contribute approximately 675PH/s hash power.