Home Trending Stocks Why Is TAOP Stock Increasing Today?

Why Is TAOP Stock Increasing Today?

Taoping Inc. (NASDAQ: TAOP) is rising on the charts today with a gain of 18.04% to trade at $7.33 at last check-in early trading.

Yesterday, the Taoping stock price fell -12.90%, closing at $6.21. TAOP stock traded on the day had a volume of 0.794 million, which is lower than the average volume over the last three months of 2.92 million.

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The TAOP stock fluctuated between $6.20 and $7.22 during the trading session.  TAOP stock has soared after news broke that it has inked a multi-million dollar deal to buy Bitcoin mining machines.

Agreement in brief:

Among the leading smart display terminal manufacturers, Taoping is known for targeted advertisements and online sales. TAOP offers end-to-end, integrated solutions for distributing and managing advertising on cloud-based ad displays.

TAOP builds up a resource-sharing media eco system by connecting Taoping screens owners, advertisers, and consumers. The ecosystem TAOP builds includes Smart IoT Screens, Taoping App and Taoping Go (eStore) which are used to achieve its mission of making advertising and branding affordable and effective for everyone.

Taoping announced today that it had reached an agreement with Bitmain Technologies Limited for the purchase of Bitcoin mining machines.

TAOP will purchase Antminer S19j Pro Bitcoin miners with a total order value of about $24 million pursuant to the Purchase Agreement. In order to fund the purchase, Mr. Jianghuai Lin, Chairman and CEO of TAOP, has set up a personal line of credit backed by his real estate holdings.

What TAOP will be getting?

Bitmain launched the S19j Pro in April 2021 with a hash rate of 100 TH/s which has a low energy efficiency ratio of 30 J/TH, and an expected life cycle of 5 years. Miners are slated for delivery to TAOP starting as early as August 2021. Taoping (TAOP) will own approximately 300,000 TH/s of additional hashed hash rate per month once deliveries under the Purchase Agreement have been completed.

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