Gaming Company The9 Agrees to Buy 26,000 Bitcoin Mining Machines

The company says a "majority" of the ASICs are already deployed.

AccessTimeIconJan 25, 2021 at 6:44 p.m. UTC
Updated Dec 12, 2022 at 12:54 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Publicly traded Chinese gaming company The9 (NCTY) announced an agreement to buy 26,007 bitcoin ASICs as part of its plan to launch a cryptocurrency mining initiative.

  • The9's subsidiary NBTC will own and operate the machines, which are expected to total 549 petahashes per second (PH/s) of hash power.
  • The9 says a "majority" of these mining machines have already been deployed in Xinjiang, Sichuan and Gansu.
  • Per a press release, Canaanhttps://hashrateindex.com/stocks/can's (CAN) former director, Jianping Kong, will also help the Shanghai-based Internet company launch and maintain its cryptocurrency mining operations.
  • Details about which machines and from where The9 purchased them were not disclosed, but The9 said it signed five separate memorandums of understanding (MOUs) to secure the machines.
  • The9 will issue shares to pay for the new machines, but didn't disclose how many shares are to be issued.
  • Shares of the company gained more than 18% Monday from their Friday close, currently trading above $13.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.