TAOP Signs Strategic Cooperation Agreement with BitFuFu

Rhea-AI Summary

Taoping Inc. (NASDAQ: TAOP) has entered into a strategic cooperation agreement with BitFuFu.com to enhance their blockchain cloud computing initiatives. The agreement includes a $10 million purchase of blockchain cloud computing services over three years, starting with a $1 million subscription for the first year. This partnership aims to facilitate Bitcoin mining using Antminer, a leading mining brand. The CEO stated this marks the launch of TAOP's blockchain and digital asset business, focusing on joint development in blockchain technology.

Positive

• Strategic partnership with BitFuFu to enhance blockchain cloud computing services.
• Initial $1 million service subscription for Bitcoin mining expected to generate direct revenues.
• Collaboration with BitFuFu leverages Antminer, a leading brand, ensuring continuous revenue.

Negative

• None.

SHENZHEN, March 22, 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 entered into a strategic cooperation agreement with BitFuFu.com (“BitFuFu”).

Pursuant to the strategic collaboration agreement, both parties will leverage their respective advantages to focus on blockchain based cloud computing field to carry out all-round and multi-level cooperation on a global scale. TAOP will purchase blockchain cloud computing service with a total value of $10 million from BitFuFu within three years. The first batch of $1 million service subscription agreement was signed simultaneously with the strategic cooperation agreement. The first batch service period is from March 18, 2021 to March 13, 2022.

Antminer, a cryptocurrency mining machine brand by Bitmain Technologies Ltd. (“Bitmain”) with the world's largest market share, is a strategic partner of Bitfufu, and holds patents in mainland China. Bitmain is a company headquartered in Beijing, China that designs application-specific integrated circuit (ASIC) chips for bitcoin mining. By purchasing the blockchain cloud computing service, TAOP will be able to start Bitcoin mining through Antminer, which is expected to bring direct revenues for the Company. Choosing this high-quality brand of mining machine will not only ensure continuous revenues for TAOP, but also ensure a safer and more scalable platform to achieve healthy business operations and rapid growth.

“The strategic cooperation with BitFuFu marks the official launch of the Company's blockchain and digital asset business,” said Mr. Jianghuai Lin, the Chairman and CEO of TAOP. “In the future, TAOP and BitFuFu will leverage respective resources to jointly promote the development of blockchain technology and digital currency business.”

About BitFuFu

BitFuFu, a standard hashrate platform, is the only designated partner of Bitmain in Mainland China. BitFuFu has established in-depth cooperation in miners, mining farms, and mining pools with Bitmain. As a physical mine sharing platform, BitFuFu offers hashrate (from self-built mines and partner mines) rental services to its clients, so the clients can mine with ease. The miners are placed in professional miner operation sites. A specialized enterprise-level team will search for low-cost energy, and manage and operate the miners, so the clients can just enjoy their daily mining outputs.

BitFuFu also includes numerous large-scale hashrate suppliers that have been carefully selected and authorized by the platform. BitFuFu strives to build the Tmall of the cloud hashrate industry and offer our clients an open, fair, translucent, and real mining service. Through the centralized purchasing and joint-cooperation mechanism, the platform can greatly lower its mining cost. Also, the platform is connected to quality suppliers from around the world. With transparent price comparison and decentralization, the platform can maximize the profit of the intermediate link released to its clients, offering its clients a more cost-effective mining service.

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 strategic agreement between Taoping Inc. and BitFuFu?

Taoping Inc. has signed a strategic cooperation agreement with BitFuFu to purchase $10 million in blockchain cloud computing services over three years, starting with an initial $1 million batch.

How will Taoping Inc. utilize the services from BitFuFu?

Taoping Inc. plans to use the blockchain cloud computing services to initiate Bitcoin mining, which is expected to drive direct revenues for the company.

What is the significance of the partnership for Taoping Inc.?

The partnership marks the official launch of Taoping Inc.'s blockchain and digital asset business, indicating a strategic pivot towards leveraging blockchain technology.

What is the duration of the initial service period under the agreement?

The initial service period for the first $1 million subscription lasts from March 18, 2021, to March 13, 2022.

Which cryptocurrency mining machine brand is involved in the collaboration?

The collaboration involves Antminer, a cryptocurrency mining machine brand by Bitmain Technologies Ltd.