The9 Signed a US$10 million Framework Agreement on the Purchase of Filecoin (FIL) Mining Machines

Rhea-AI Summary

The9 Limited (Nasdaq: NCTY) announced a US$10 million framework agreement with a Filecoin mining machine vendor to purchase mining equipment in cash. The company has previously acquired and deployed mining machines, now owning an independent node on the Filecoin blockchain and achieving 8 Pebibytes of effective storage mining power. Future purchases will depend on Filecoin price trends and its economic model. The9 aims to diversify as a high-tech Internet company.

Positive

• Secured a US$10 million framework agreement for Filecoin mining machines.
• Already owns an independent node and 8 Pebibytes of storage power in the Filecoin network.

Negative

• None.

SHANGHAI, Feb. 16, 2021 /PRNewswire/ -- The9 Limited (Nasdaq: NCTY) ("The9"), an established Internet company, today announced that it signed a US$10 million framework agreement (the "Framework Agreement") with a Filecoin (FIL) mining machine vendor to purchase Filecoin mining machines by cash.

The9 had already purchased and deployed Filecoin mining machines, and Filecoin mining has been started. Currently The9 owns an independent node on Filecoin blockchain and 8 Pebibyte of effective storage mining power in the Filecoin network.

The9 will continue to purchase Filecoin mining machines under the Framework Agreement based on the trend of Filecoin price and Filecoin's economic incentive model.

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.

About Filecoin (FIL)
Filecoin is an open source, decentralized storage and digital payment system that enables users to store data, with built-in economic incentives to ensure files are stored reliably over time. Users pay to rent hard drive space using the native cryptocurrency (FIL), and storage miners are responsible for storing files and proving they have stored the files correctly over time. Available storage, and the price of that storage, is not controlled by any single company, instead Filecoin facilitates open markets for storing and retrieving files that anyone can participate in. Filecoin builds on top of the existing IPFS (InterPlanetary File System) protocol, which has helped power the distributed web. As of February 2021, the network has grown to over 2 Exabytes of storage capacity. For more information, visit www.filecoin.io/. 

 

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SOURCE The9 Limited

FAQ

What is The9 Limited's recent agreement regarding Filecoin?

The9 Limited signed a US$10 million framework agreement to purchase Filecoin mining machines.

How much storage power does The9 Limited currently have in Filecoin?

The9 currently has 8 Pebibytes of effective storage mining power in the Filecoin network.

What is the significance of The9's agreement for its business model?

The agreement allows The9 to expand its operations in cryptocurrency mining, particularly in Filecoin.

What are The9 Limited's future plans with Filecoin mining machines?

The9 plans to purchase more Filecoin mining machines based on market trends and economic incentives associated with Filecoin.