SHANGHAI, Aug. 20, 2021 /PRNewswire/ -- The9 Limited
(Nasdaq: NCTY) ("The9"), an established Internet company, today
announced that its wholly-owned subsidiary NBTC Limited
("NBTC") and a Kazakhstan company
LGHSTR Ltd. ("LGHSTR") have signed a non-binding investment
memorandum to establish a joint venture in Kazakhstan. According to the investment
memorandum, NBTC and LGHSTR will own 51% and 49% of the joint
venture respectively. NBTC will control the board of directors of
the joint venture.
The joint venture plans to invest and build cryptocurrency
mining sites with a total capacity of 200MW within two years. NBTC
will have the priority to deploy cryptocurrency mining machines
owned by NBTC or its partners. When the 200MW mining sites
construction is fully completed, taking S19 Antminers as an
example, the sites are expected to be able to deploy more than
50,000 S19 Antminers and accommodate about 5EH/s of hash power. The
joint venture will also carry out operation and maintenance of
cryptocurrency mining machines in Kazakhstan. The joint venture plans to
complete the construction of 20MW in September 2021; a total of 100 MW is expected to
complete by the end of 2021 cumulatively; and a total of 200MW is
expected to be completed by the end of 2022 cumulatively.
"The9 is actively developing the globalization of its
cryptocurrency mining business. The first batch of hash power has
been restored in Kazakhstan in
early August this year and has been operating stably. If the
cooperation with our worldwide mining facilities partners
progresses smoothly, we expect to restore approximately 50% of our
original hash power by the end of October this year, and we plan to
restore all our original hash power and add new hash power before
the end of this year," said Cai Zhifang, CEO of NBTC Ltd.
The9 will continue to actively seek for low-cost electricity and
sustainable energy mining facilities in different regions in the
world, to accelerate the deployment of large-scale cryptocurrency
mining machines for The9 and other partners by both investments in
mining facilities and hosting cooperation with mining facilities
companies.
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.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the
United States Private Securities Litigation Reform Act of 1995.
These forward-looking statements can be identified by terminology
such as "will," "expects," "anticipates," "future," "intends,"
"plans," "believes," "estimates" and similar statements. Such
statements are based upon management's current expectations and
current market and operating conditions and relate to events that
involve known or unknown risks, uncertainties and other factors,
all of which are difficult to predict and many of which are beyond
The9's control. The9 may also make written or oral forward-looking
statements in its periodic reports to the SEC, in its annual report
to shareholders, in press releases and other written materials and
in oral statements made by its officers, directors or employees to
third parties. Statements that are not historical facts, including
statements about The9's beliefs and expectations, are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the
following: The9's goal and strategies; The9's expansion plans;
The9's future business development, financial condition and results
of operations; The9's expectations regarding demand for, and market
acceptance of, its products and services; The9's expectations
regarding keeping and strengthening its relationships with business
partners it collaborates with; general economic and business
conditions; and assumptions underlying or related to any of the
foregoing. Further information regarding these and other risks is
included in The9's filings with the SEC. All information provided
in this press release and in the attachments is as of the date of
this press release, and The9 does not undertake any obligation to
update any forward-looking statement, except as required under
applicable law.
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SOURCE The9 Limited