SOS Announces Completion of Phase I of Leibodong Mine and Receipt of 575 ETH Mining Rigs
SOS Limited (NYSE: SOS) has completed the first phase of its Leibodong Mine project, delivering 575 ETH cryptocurrency mining rigs. This phase encompasses approximately 300 square meters, housing up to 1,100 rigs. The company expects a hash rate of around 400 GH once the installation is complete. CEO Yandai Wang highlighted the project's role in leveraging low-cost electricity from renewable resources in Sichuan to enhance their digital currency mining operations, supporting blockchain technology development.
- Completion of Phase I of the Leibodong Mine project.
- Delivery of 575 ETH mining rigs, enhancing mining capacity.
- Expecting approximately 400 GH of ETH hash rate post-installation.
- Strategic use of low-cost renewable energy resources in Sichuan.
- Reliance on future successful installation and operation of mining rigs.
- Potential risks associated with power access and operational costs.
- Uncertainties in cryptocurrency market affecting demand.
QINGDAO, China, May 7, 2021 /PRNewswire/ -- SOS Limited (NYSE: SOS) (the "Company" or "SOS") announced today that the first phase of the Leibodong Mine has been completed and 575 sets of ETH cryptocurrency mining rigs have been delivered.
SOS leased approximately 1350 square meters of space from Leibodong Hydropower Station in Hejiang County, Luzhou City, Sichuan, in late March. SOS started the construction of a cloud cryptocurrency mining center and has recently completed the first phase of approximately 300 square meters which can accommodate approximately 1,100 rigs.
The previously announced purchase of 575 ETH mining rigs were received on May 7. The Company expects its team should be able to complete inspection and installation of these rigs in the near future. Upon completion of the installation and full on-line operation of all these mining rigs, the Company expects to obtain approximately 400 GH of ETH hash.
Mr. Yandai Wang, CEO of SOS, commented, "The overall plan of SOS' digital currency business is systematically designed around blockchain technology. Leibodong project is a model for us to obtain low-cost electricity in Sichuan and other southwest regions, rich in renewable energy resources to expand our digital currency mining operations. The completion of the Phase I construction and the delivery of 575 ETH mining machines lay a solid foundation for the further success of our cloud cryptocurrency mining center in Leibodong. We expect our mining in Leibodong will provide us with multi-faceted experience to continue our research, development and commercialization of block-chain technology."
About SOS Limited
SOS is an emerging blockchain-based and big data-driven marketing and solution provider as well as cryptocurrency mining operator. The core infrastructure of SOS' marketing data, technology and solutions to insurance and emergency rescue services is built on big data, blockchain-based technology, cloud computing, AI, satellite, and 5G network, etc. SOS has created a cloud "software as a service (SaaS)" platform for emergency rescue services, with three major product categories: basic cloud, cooperative cloud, and information cloud. This system provides innovative marketing solutions to clients such as insurance companies, financial institutions, medical institutions, healthcare providers, auto manufacturers, security providers, senior living assistance providers, and other service providers in the emergency rescue services industry.
SOS has obtained a national high-tech enterprise certification and the title of "Big Data Star Enterprise," awarded by Gui'an New District Government. Staying on the forefront of digital technology innovation, the Company has registered 99 software copyrights and 2 patents. For more information, please visit: http://www.sosyun.com/.
Forward-Looking Statements
Certain statements in this press release may constitute "forward-looking statements" within the meaning of the federal securities laws, including, but not limited to, our expectations for future financial performance, business strategies or expectations for our business. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance. SOS cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Words such as "may," "can," "should," "will," "estimate," "plan," "project," "forecast," "intend," "expect," "anticipate," "believe," "seek," "target," "look" or similar expressions may identify forward-looking statements. Specifically, forward-looking statements may include statements relating to the Company's:
- expected hash rate for its mining rigs;
- expected mining results for the second quarter of 2021;
- intention to grow and install more mining rigs;
- ability to execute its business plan;
- changes in the market for SOS' products and services; and
- expansion plans and opportunities.
These forward-looking statements are based on information available as of the date of this press release and our management's current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements.
These risks and uncertainties include, but not are limited to, the risk factors described by SOS in its filings with the Securities and Exchange Commission ("SEC"). These risk factors and those identified elsewhere in this press release, among others, could cause actual results to differ materially from historical performance and include, but are not limited to:
SOS's cryptocurrency mining, security and insurance businesses are still under development, with many uncertainties in research of relevant technologies;
- failure to access a large quantity of power at reasonable costs could significantly increase SOS operating expenses and adversely affect our demand for SOS's mining machines;
- shortages in, or rises in the prices of mining machines may adversely affect the Company's business;
- any significant or prolonged failure in the data warehouse facilities and data mining facilities that SOS operates or services it provides, including events beyond its control, would lead to significant costs and disruptions and would reduce the attractiveness of its facilities, harm its business reputation and have a material adverse effect on its results of operation;
- security breaches or alleged security breaches of our data warehouses could disrupt SOS operations and have a material adverse effect on its business, financial condition and results of operation; and
- Chinese government's policies and regulatory oversight of crypto currency mining operation;
- other risks and uncertainties indicated in SOS's SEC reports or documents filed or to be filed with the SEC by SOS.
Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and you should not place undue reliance on these forward-looking statements in deciding whether to invest in our securities. We do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
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SOURCE SOS Limited
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