HomeTrending StocksWhy did The9 Limited (NCTY) stock turnaround in the after-hours on Friday?

Why did The9 Limited (NCTY) stock turnaround in the after-hours on Friday?

The9 Limited (NCTY) shares gained 6.87% in after-hours on Friday, July 30, 2021, and closed the weekly trading at $11.98 per share. in the regular trading on Friday, NCTY’s stock lost 1.41%. NCTY shares have risen 52.12% over the last 12 months, and they have moved up 29.15% in the past week. Over the past three months, the stock has lost 51.22%, while over the past six months, it has slid down 27.11%.

Let’s have a look at NCTY recent news and developments.


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NCTY mining hosting agreement

On July 12, 2021, The9 Limited (NCTY) signed a cryptocurrency mining hosting agreement with Russian company BitRiver through its wholly-owned subsidiary NBTC Limited.

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Pursuant to the agreement, BitRiver will reserve 15MW of electric capacity for The9’s Bitcoin mining machine deployment. The initial term of the agreement is 2 years. After the expiration, both parties have the right to automatically extend their cooperation for an additional one year, unless either party decides not to do so.

NCTY custody Account with Coinbase Custody

on June 17, 2021, The9 Limited (NCTY) announced Coinbase Custody, a wholly-owned subsidiary of Coinbase Global Inc and one of the global leaders in qualified digital asset custody, as the custodian for The9’s digital assets, including Bitcoin.

The9 plans to deposit the first batch of 200 Bitcoin into The9’s segregated cold storage account at Coinbase Custody, which is an institutional-grade offline cold storage solution. The9 plans to increase deposits into this custody account, from time to time, as The9 mines more cryptocurrencies.

NCTY acquiring Montcrypto

On June 4, 2021, The9 Limited (NCTY) signed a definitive agreement to acquire Montcrypto Ltd, to build a 20MW supply of electricity in Calgary, Canada. The carbon-neutral infrastructure of Montcrypto provides a greener and more environmentally friendly power supply to the cryptocurrency mining business of The9.

The9 will pay a hosting fee to Montcrypto at a rate of CAD0.037/kWh for 5 years. When all the 20MW carbon-neutral mining facilities are put into use, the byproduct natural gas in the area will be reduced by approximately 53 million cubic meters every year, and the greenhouse gas emissions of 128,000 tons of carbon dioxide equivalent will be reduced.

NCTY getting more Mining Machines

On May 14, 2021, The9 Limited (NCTY) signed three Chia cryptocurrency mining machine purchase and cloud service leasing agreements with three unrelated vendors. The total contract amount is more than US$5.7 million.

The9 is going to obtain approximately 130 Pebibytes Netspace and join the ecological construction of Chia cryptocurrency, upon execution of these agreements.

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Conclusion

There are no grounds for NCTY surge on Friday. most Cryptocurrency related stocks performed well on Friday and we hope that trend will continue on Monday as well.

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