TAOP and Bitmain Signed a Purchase Agreement for Antminer S19j Pro Bitcoin Mining Machines

Rhea-AI Summary

Taoping Inc. (NASDAQ: TAOP) has signed a Bitcoin mining machine purchase agreement with Bitmain Technologies Limited, valued at approximately $24 million. This agreement includes the acquisition of Antminer S19j Pro machines, with a total expected hash rate of 300,000 TH/s. The purchase will be funded by a line of credit secured by the personal real estate of Chairman and CEO Mr. Jianghuai Lin. The miners, delivering from August 2021, are expected to enhance the company’s blockchain operations.

Positive

• Acquisition of Bitcoin mining machines valued at approximately $24 million.
• Expected additional hash rate of 300,000 TH/s to strengthen blockchain operations.
• Funding secured through a personal real estate line of credit from the CEO.

Negative

• None.

SHENZHEN, April 15, 2021 (GLOBE NEWSWIRE) -- Taoping Inc. (NASDAQ: TAOP, the “Company”), a provider of Internet-based smart display screens, and a new-media ecosystem that enables targeted advertising and online retail, announces today that it has signed a Bitcoin mining machine purchase agreement (the "Purchase Agreement") with Bitmain Technologies Limited. Pursuant to the Purchase Agreement, TAOP will purchase Antminer S19j Pro Bitcoin mining machines with a total order value of about $24 million. The purchase will be funded by a line of credit backed by the personal real estate of Mr. Jianghuai Lin, the Chairman and CEO of TAOP.

S19j Pro is the latest model of Bitmain Antminer launched in April 2021, with a hash rate of 100 TH/s, a low energy efficiency ratio of 30 J/TH, and an expected life cycle over 5 years. The miners are scheduled to deliver starting from August 2021. Upon the completion of deliveries under the Purchase Agreement, TAOP is expected to own an additional hash rate of approximately 300,000 TH/s.

“This purchase agreement is another key step for TAOP’s blockchain and digital asset business following our cooperation with BitFuFu,” said Mr. Jianghuai Lin, the Chairman and CEO of TAOP. “We are committed to keep increasing operational hash rate and seize the significant opportunities in blockchain technology.”

About Taoping Inc.

Taoping Inc. (TAOP), is a leading provider of smart display terminals and solutions for targeted advertising and online retails. The Company provides the integrated end-to-end digital advertising solutions enabling customers to distribute and manage ads on cloud-based ad display screens. Connecting owners of Taoping screens, advertisers and consumers, it builds up a resource sharing "Smart IoT Screen Network- Taoping App - Taoping Go (e-Store)" media ecosystem to ultimately achieve the mission "our technology makes advertising and branding affordable and effective for everyone." To learn more, please visit http://www.taop.com/.

Safe Harbor Statement

This press release may contain certain "forward-looking statements" relating to the business of Taoping Inc., and its subsidiaries and other consolidated entities. All statements, other than statements of historical fact included herein, are "forward-looking statements" in nature within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, often identified by the use of forward-looking terminologies such as "believes", "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company and its subsidiaries and other consolidated entities or persons acting on their behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

For further information, please contact:

Taoping Inc.
Chang Qiu
Email: chang_qiu@taoping.cn
http://www.taop.com/
or

Dragon Gate Investment Partners LLC
Tel: +1(646)-801-2803
Email: taop@dgipl.com

FAQ

What is the significance of the Bitcoin mining machine purchase agreement by TAOP?

The agreement represents a strategic investment of approximately $24 million to enhance Taoping's blockchain operations.

How will TAOP fund the Bitcoin mining machine purchase?

The purchase will be funded by a line of credit backed by the personal real estate of Chairman and CEO Mr. Jianghuai Lin.

What is the expected hash rate for the Antminer S19j Pro machines purchased by TAOP?

TAOP expects to add an additional hash rate of approximately 300,000 TH/s from this purchase.

When are the Bitcoin mining machines scheduled to be delivered to TAOP?

The Antminer S19j Pro machines are scheduled for delivery starting from August 2021.