In the first week of April, the listed game and internet company The9 Limited revealed its intention to buy 2,000 Avalonminers from manufacturer Canaan. On Monday, Ninetowns announced that it has signed a custody agreement with the Russian company Bitriver because the company will utilize Bitriver’s 15 megawatt (MW) capacity within two years.
The9 cooperates with Bitcoin mining business Bitriver
The9 Limited (NASDAQ: NCTY) explained its plan to cooperate with Bitriver, a Bitcoin mining company from Moscow. As part of the agreement, the parties can extend the two-year agreement by 15 MW for each additional year thereafter. “At present, the initial total power supply capacity of the target data center of Jiucheng Mining Machine is 300 MW, which can be expanded to 500 MW,” the announcement detailed.
The9’s transaction with Bitriver came after the company acquired 2,000 bitcoin mining equipment from Canaan, and the company obtained 0.1 exahash (EH/s) per second. A legally binding memorandum of understanding (MOU) states that these machines are traded in Class A common stock. More than a month later, Ninetowns signed the final agreement to acquire the Canadian company Montcrypto.
Montcrypto’s plan is to build a 20 MW Bitcoin mining facility in Calgary, Canada. “Carbon neutral infrastructure provided by Montcrypto [is] Provide a greener and more environmentally friendly power source for The9’s cryptocurrency mining business,” the company detailed on June 4. The Russian company Bitriver has also taken various initiatives in the Bitcoin mining industry.
In mid-April, Bitriver announced the launch of token sales backed by 100 megawatt (MW) mining capacity in Siberia. Bitriver’s token is called “bitriver token (BTR)”, which represents one watt hour (Wh) of the Bratsk Mining Company’s electricity. As for the latest transaction with Bitriver, The9’s announcement further explained that the company will continue to seek energy solutions to expand its scale.
“Ninetowns will continue to actively seek low-cost power and sustainable energy mining facilities in different parts of the world,” the company’s announcement concluded. “Through self-built mining facilities and co-hosting and cooperation with mining equipment companies, we will accelerate the deployment of large-scale cryptocurrency mining machines for Jiucheng and other partners.
What do you think of the cooperation between The9 and Bitriver, a Russian Bitcoin mining company? Please tell us your thoughts on this topic in the comments section below.
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