The9 Ltd. (NASDAQ: NCTY) stock gained by 1.82% at the last close while the NCTY stock price rises by 9.57% in the current market trading session. The9 Limited (The9) is a Chinese Internet business that went public on the NASDAQ in 2004. The9 aspires to be a multi-faceted high-tech Internet firm.
NCTY stock’ Current update
The9 Limited stated that its wholly-owned subsidiary NBTC Limited and LGHSTR Ltd., a Kazakhstan business, have entered a non-binding investment pact to form a strategic partnership in Kazakhstan. NBTC and LGHSTR will hold 51 percent and 49 percent of the joint venture, respectively, according to the investment pact. The joint venture’s board of directors will be controlled by NBTC.
Within two years, the partnership aims to invest in and construct cryptocurrency mining facilities with a combined capacity of 200MW. The deployment of bitcoin mining machines managed by NBTC or its partners will be prioritized by NBTC. Using S19 Antminers as an example, after the 200MW mining sites are fully constructed, they will be able to deploy more than 50,000 S19 Antminers and handle around 5EH/s of hash power. In addition, the joint company will operate and maintain bitcoin mining devices in Kazakhstan.
The partnership expects to finish 20MW of construction in September 2021, with a total of 100 MW projected to be finished by the end of 2021, and a total of 200MW supposed to be delivered by the end of 2022. The9 will try to actively seek low-cost electricity and sustainable energy mining facilities in various parts of the world, in order to optimize the implementation of large-scale cryptocurrency mining machines for The9 and other partners through both mining facility investments and hosting a collaboration with mining facility companies.
Cai Zhifang, CEO of NBTC Ltd commented,
The9 is working hard to expand its bitcoin mining company globally. Kazakhstan’s first batch of hash power was recovered in early August of this year and is now operational. They anticipate recovering about half of their original hash power by the end of October this year, and they hope to recover all of their original hash power and introduce additional hash power before the end of the year if the collaboration with their global mining facility partners goes well.