TAOP Signs Mining Cards Purchase Agreement for Additional 200GH/s Computing Power of Ethereum Mining

Rhea-AI Summary

Taoping Inc. (NASDAQ: TAOP) announced a purchase agreement to acquire 1,220 NVIDIA CMP 170HX mining cards for approximately $4 million. Deliveries will begin in September 2021, increasing TAOP's Ethereum mining capabilities. The company expects to boost its hash rate from 300GH/s to 500GH/s by the end of October, generating about 350 Ether monthly. By the end of 2021, TAOP aims for a hash rate of 1000GH/s, which could yield around 700 Ether per month. The CEO emphasized that this investment will enhance the company's value for shareholders.

Positive

• Acquisition of 1,220 NVIDIA CMP 170HX mining cards for $4 million enhances mining capabilities.
• Projected hash rate increase from 300GH/s to 500GH/s by October 2021, generating approximately 350 Ether monthly.
• Long-term goal to reach 1000GH/s hash rate and increase monthly Ether production to 700 by year-end.

Negative

• None.

SHENZHEN, Aug. 30, 2021 (GLOBE NEWSWIRE) -- Taoping Inc. (NASDAQ: TAOP, the “Company” or “TAOP”), a provider of blockchain technology and smart cloud services, today announces that it has signed a purchase agreement (the "Purchase Agreement") with Hoover Investment Group Limited, a company focusing on blockchain investment and digital asset supply chain business in Hong Kong. Pursuant to the Purchase Agreement, TAOP will purchase 1,220 NVIDIA CMP 170HX mining cards scheduled to deliver starting from September 2021 for about $4.0 million.

NVIDIA CMP 170HX, a GPU dedicated to cryptocurrency mining, delivers an Ethereum hash rate up to 164 MH/s. The Company plans to use the purchased mining cards on its Ethereum mining business in Hong Kong and Kazakhstan. Upon the delivery of the mining cards under the Purchase Agreement, TAOP is expected to own an additional hash rate of 200GH/s before October 30, 2021.

Currently, TAOP’s Ethereum mining business has a total peak hash rate of 300GH/s, which can generate approximately 210 Ether per month. With the additional 200GH/s computing power purchased this time, total peak hash rate is expected to reach 500GH/s and to generate about 350 Ether per month by end of October. The Company intends to increase its computing power to a total of 1000GH/s by the end of 2021, and to generate about 700 Ether per month by then.

“We expect to continue to invest and acquire crypto mining machines to enhance our overall computing power and quickly increase our presence in digital currency market,” said Mr. Jianghuai Lin, Chairman and CEO of TAOP. “We believe our moves will add considerable value to the Company’s shareholders.”

About Taoping Inc.

Taoping Inc. (TAOP) is an integrated group of technology and financial companies with business in Mainland China, Hong Kong, and other overseas countries. Relying on its unique strengths in cloud technology and chip supply chain, TAOP provides solutions and cloud services to industries such as film and television production, education, new media, artificial intelligence and asset management. The Company is dedicated to the research and application of blockchain technology as well as investment and management of financial assets at home and abroad. 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 did Taoping Inc. announce on August 30, 2021?

Taoping Inc. announced a purchase agreement to acquire 1,220 NVIDIA CMP 170HX mining cards for approximately $4 million.

How will Taoping Inc.'s mining capabilities change after the new acquisition?

The acquisition will increase TAOP's total hash rate from 300GH/s to 500GH/s by the end of October 2021.

What is Taoping Inc.'s expected monthly Ether production after the new mining cards are delivered?

TAOP expects to generate approximately 350 Ether per month after the new mining cards are operational.

What is Taoping Inc.'s long-term goal for its hash rate in 2021?

TAOP aims to increase its hash rate to 1000GH/s and generate about 700 Ether monthly by the end of 2021.