Online Game Operator The9 Plans to Purchase 2,000 Bitcoin Miners for Over $6 Million – Mining Bitcoin News

Shanghai-based online gaming operator The9 Limited has announced plans to acquire 2,000 Avalonminers from Canaan for more than $6 million in an equity transaction. A binding memorandum of understanding from The9 explains that the new units will give the company 0.1 exahash of bitcoin’s hash functions.

The 9th. In April, publicly traded gaming internet company The9 Limited (Nasdaq: NCTY) announced plans to acquire 2,000 bitcoin (BTC) miners. With the new miners, the company achieves a total hash rate of about 100 PH/s or 0.1 exahash (EH/s) of processing power.

According to a statement, The9 entered into a legally binding memorandum of understanding with an unrelated owner of bitcoin mining machines. The vehicles will be exchanged for Class A common stock.

The9 said the company will issue about 8,127,390 shares, based on a share price of about $24.81. However, the number of shares may be revised in the next six months.

But the new MOU isn’t the only agreement reached by The9. The company also reported receiving 0.288 (EH/s). This transaction took place when the company signed the final contracts for 12,246 bitumen drilling rigs.

The announcement does not specify whether or not the 12,246 miners are Canaan Avalonminer miners. This particular transaction was also executed with a share-based payment and a six-month lock-up agreement.

The9 is a very well known company in the field of games and internet. It has long held the exclusive license to operate and distribute the wildly popular game World of Warcraft in China.

What do you think of the fact that The9 2000 bought Avalonminer from an unknown source? Let us know what you think in the comments below.

Tags in this story

100 PH/s, 288 PH/s, Avalonminers, bitcoin, bitcoin (BTC), bitcoin mining, BTC mining, Canaan, China, internet company, online gaming operator, Shanghai, stocks, stock trading, The9

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