The9 Limited Signed an Investment Memorandum to Establish Another Cryptocurrency Mining Joint Venture for Building Another 200MW Capacity in Kazakhstan
The9 Limited, an established Internet company, 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.