Shanghai-based online gaming operator The9 Limited revealed that it plans to acquire 2,000 Canaan Avalonminers for Bitcoin crypto mining for more than $ 6 million in share deal. We tell you the details!
Growing in the Bitcoin mining market
Yesterday, The9 revealed its intentions to acquire 2,000 Bitcoin mining rigs. How? Well, the company reported that to pay for the machines it will issue 8.12 million common shares, equivalent to 270,913 US depository shares (ADS). It’s worth keeping in mind that each share is valued at approximately $ 24.81.
In this sense, the agreement is valued at USD 6.72 million. This investment will give the company a total hashrate of approximately 100 PH / s or 0.1 exahash (EH / s) of processing power.
However, it is not the only action by the company aimed at increasing its investment and, therefore, its participation in Bitcoin mining.
The9 goes for it all
In this way, the new memorandum of understanding is not the only agreement that The9 has established. Additionally, the company revealed that it got 0.288 (EH / s) from hashpower. This deal took place when the company signed definitive deals for 12,246 Bitcoin mining rigs.
Apparently these units will give the company a total hashrate of 288 PH / s. To this end, The9 will issue another 9,387,840 Class A common shares, with a six-month blocking period.
As we have previously mentioned in CryptoTrend, in the crypto community the debate on the environmental impact of Bitcoin mining has resumed and therefore concerns have resumed.
Especially considering that as Bitcoin and the crypto market gains popularity, more eyes are placed on crypto and mining. And, of course, all this has caused companies to decide to increase their investment in the activity.
In fact, as we reported in CryptoTrend, this week, Riot Blockchain continued to increase its efforts to expand into Bitcoin crypto mining. So much so that it announced the acquisition of a new Bitcoin crypto mining headquarters at Whinstone US Inc.
It’s worth noting that Whinstone reportedly operates the largest Bitcoin mining facility in the United States.