QINGDAO, China, April 14, 2021 /PRNewswire/ -- SOS Limited (NYSE:
SOS) (the "Company" or "SOS") announced the receipt of the
previously announced, third batch
of 5464 cryptocurrency mining rigs.
Immediately upon delivery of the mining rigs, the SOS team
kicked off inspection, configuration and installation procedures.
Once this batch of mining rigs go live, the Company expects that
the pool of rigs will be able to generate about 177 Peta-Hashes per
second (PH/s) for mining Bitcoin and 356 Giga-Hashes per second
(GH/s) for mining Ethereum (ETH). If the machines operate as
expected, the long-term ROI (return on investment) is projected to
be promising. These hash rates are subject to numerous factors,
including down time for maintenance, reconfiguration and other
variable factors that may materially impact computing performance
in the future.
The Company confirms mining operations in Q1 2021, have
generated 42 Bitcoins and 916 ETH. This is for a partial quarter of
operation. SOS Chief Financial Officer Steven Li elaborated, "These mining results
reflect the first quarter of operations, and the number of Bitcoins
and Ethereum are higher than what we originally anticipated. We
expect our output to grow in future quarters as we complete the
installation of our third batch of mining rigs and have full
quarters of operation."
These mining results do not include any financial results for
the Company and do not address the Company's other, non-mining
operations, such as the Company's marketing data, technology and
solutions for emergency rescue services. United States generally accepted accounting
principles for cryptocurrency mining are complex, emerging and
uncertain. Cryptocurrencies may not be recognized as cash or cash
equivalents, and mining activities may not qualify for revenue
recognition. Cryptocurrencies have no inherent value, are not legal
tender recognized by any governmental entity, and might not be able
to be converted into fiat currencies. Investors are advised not to
place undue reliance on mining results alone, without considering
other financial and non-financial metrics.
Mr. Yandai Wang, Chairman of SOS, commented, "We believe that
the general trend for cryptocurrencies will be bullish. We have
completed the set-up of the cryptocurrency business in China at this stage. With the anticipated
development of our cryptocurrency mining operation in the U.S., we
believe that SOS' cryptocurrency business will achieve significant
results. We remain confident in our strategy to invest in
crypto-currency operations.
About SOS Limited
SOS is an emerging blockchain-based and big data-driven
marketing and solution provider, with a nationwide membership base
of approximately 20 million in China. Recently, SOS has outlined its strategy
in blockchain and cryptocurrencies, which include a series of
initiatives to expand its business into cryptocurrency mining as
well as cryptocurrency security and insurance. 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