The Shanghai-based online game operator The9 Limited revealed that the company plans to acquire 2,000 Canaan Avalonminers in a stock transaction of more than $6 million. The9’s binding memorandum of understanding (MOU) explained that the new unit will provide the company with 0.1 exahash of Bitcoin hash power.

On April 9, the publicly listed gaming and Internet company The9 Limited (NASDAQ: NCTY) revealed its intention to acquire 2,000 Bitcoin (BTC) miners. The new miner will provide the company with a total hash rate of about 100 PH/s or 0.1 exahash (EH/s) processing power.

According to the announcement, The9 signed a legally binding memorandum of understanding (MOU) with “unrelated owners of bitcoin mining machines”. The machine will be exchanged for Class A common stock.

The9 company said that the company will issue approximately 8,127,390 shares at a stock price of approximately US$24.81. But in the next six months, the number of shares can be reassessed.

However, the new memorandum of understanding is not the only agreement reached by the Ninth City. The company also revealed that it obtained 0.288 (EH/s) computing power. The transaction was reached when the company signed a final agreement for 12,246 Bitcoin mining equipment.

The announcement did not disclose whether the 12246 mining machines are Canaan Avalonminer brand mining machines. This specific transaction also completed a share calculation and a six-month issuance agreement with a lock-up period.

The9 is a very well-known game and Internet company. For a long time, The9 has obtained the exclusive license to operate and publish the very popular game “World of Warcraft” in China.

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What do you think of The9 purchasing 2,000 Avalonminers from unknown sources? Let us know your thoughts on this topic in the comments section below.

Tags in this story

100 PH/s, 288 PH/s, Avalonminers, Bitcoin, Bitcoin (BTC), Bitcoin mining, BTC Mining, Canaan, China, Internet companies, online game operators, Shanghai, stocks, stock exchanges, Nine cities

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