The9 Signed Chia Cryptocurrency Mining Machine Purchase and Cloud Service Leasing Agreements

Rhea-AI Summary

The9 Limited (Nasdaq: NCTY) announced the signing of three agreements totaling over US$5.7 million for Chia (XCH) cryptocurrency mining machines and cloud services. With these contracts, The9 will acquire approximately 130 Pebibytes Netspace, contributing to the Chia cryptocurrency ecosystem. Chia uses a proof of space and time consensus algorithm, presenting itself as a more environmentally friendly alternative to Bitcoin. The9 has previously invested in Bitcoin and Filecoin mining and plans to continue exploring high-return cryptocurrency opportunities.

Positive

• Signed three agreements for Chia mining totaling over US$5.7 million.
• Acquisition of approximately 130 Pebibytes Netspace enhances mining capabilities.
• Chia's environmentally friendly mining approach aligns with sustainable practices.

Negative

• None.

SHANGHAI, May 14, 2021 /PRNewswire/ -- The9 Limited (Nasdaq: NCTY) ("The9"), an established Internet company, today announced that it signed three Chia (XCH) cryptocurrency mining machine purchase and cloud service leasing agreements with three unrelated vendors, with the total contract sum of more than US$5.7 million. Upon the executions of these agreements, The9 is going to obtain approximately 130 Pebibytes Netspace, and to join the ecological construction of Chia cryptocurrency, also known as the "Green Bitcoin Alternative". The9 had previously invested in Bitcoin and Filecoin mining machines. Chia is the third type of cryptocurrency mining implemented by The9.

Chia was created by Bram Cohen, the inventor of BitTorrent and a network protocol engineer. It was developed through Chialisp, a powerful, easy-to-audit and secured new intelligent transaction programming language. Unlike Bitcoin, which uses proof of work (POW), Chia uses proof of space and time (POST) consensus algorithm. Anyone can use the remaining hard disk space in the storage device to verify transactions without the need of consuming a lot of computing power and electricity to maintain the Chia network. Therefore Chia is considered to be a more green and environmentally friendly blockchain technology. Chia's main network went live on March 19, 2021. On May 4, 2021, Chia was opened for the exchange of its cryptocurrency XCH with other cryptocurrencies, and XCH is currently listed for trading on exchanges such as Huobi and OKEx.

The9 will continue to invest in blockchain development and cryptocurrency mining business. The9 plans to seek for more innovative and high return cryptocurrency mining targets.

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.

Website: https://www.the9.com/en

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SOURCE The9 Limited

FAQ

What recent agreements did The9 Limited (NCTY) sign regarding cryptocurrency mining?

The9 Limited signed three agreements for Chia (XCH) mining machines and cloud services, totaling over US$5.7 million.

How much netspace will The9 Limited acquire from its Chia agreements?

The9 Limited will acquire approximately 130 Pebibytes Netspace from its Chia agreements.

What is Chia and how does its mining process differ from Bitcoin's?

Chia uses a proof of space and time consensus algorithm, making it more environmentally friendly compared to Bitcoin's proof of work.

When did Chia's main network launch and when was it opened for trading?

Chia's main network went live on March 19, 2021, and it was opened for trading on May 4, 2021.

What future plans does The9 Limited have in cryptocurrency mining?

The9 Limited plans to continue investing in blockchain development and seek out high-return cryptocurrency mining opportunities.