Nasdaq-listed crypto miner The9 (NCTY) purchased an information middle in Kyrgyzstan the place it would set up 7,500 Bitmain Antminer S19j bitcoin mining rigs, the agency mentioned in a press launch on Wednesday.
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The information middle, acquired by The9’s wholly-owned subsidiary NBTC Restricted and Kyrgyzstan agency SolarCoin LLC., shall be be powered by 31.5 megawatts (MW) and can contribute 675 petahash/second of computing energy, the press launch mentioned.
The agency expects improvement to complete in July and electrical energy to price $0.05 per kilowatt hour, in line with the press launch.
Below the settlement, The9 will purchase possession of 31.5 MW of transformers, together with their supporting low-voltage tools, plant, community tools, and the appropriate to make use of the ability’s high-voltage tools and land.
The9 has seen its shares plummet within the final six months, together with different crypto mining shares. NCTY shares traded on the Nasdaq have misplaced virtually 90% of their worth, plunging from $11.55 on Nov. 11 to $1.48 at market shut on Tuesday.
Initially an web agency with operations in China, The9 entered crypto mining at first of 2021. Following China’s ban on the business, it arrange operations in Kazakhstan, Canada, and the U.S. It additionally launched a market for non-fungible tokens.
Learn extra: Kazakhstan Orders Crypto Miners to Register With Authorities
