Nasdaq-listed The9 has signed a joint venture agreement with Kazakhstan cryptocurrency mining firm KazDigital, The9 said Wednesday.
- The Shanghai-based company’s non-binding term sheet with KazDigital calls for the two companies to build a cryptocurrency mining site in Kazakhstan with a capacity of 100MW.
- The new mining site will be used to deploy The9's mining machines and potentially other third-parties' mining machines.
- The construction of the total capacity of the cryptomining site will be completed in four stages: the first stage of 25MW was completed on August 1 of this year, with the remaining 75MW to be gradually completed in the third and fourth quarters of this year and the first quarter of 2022, with installation of 25MW per quarter.
- Both parties will invest their own assets in the venture, with KazDigital investing in assets relating to construction and infrastructure of the mining site, and The9 putting in cash or mining machines.
- KazDigital will be responsible for the operation and management of the joint venture once it has launched.
- The9 said it will initially transport 1,000 mining machines to Kazakhstan for trial operation.
Disclosure
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.