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The9 has signed a joint venture with the Kazakhstan-based company to start its mining services in the country. The company will build new crypto mining facilities with a capacity of 200 megawatts (MW).
A Chinese company The9 has signed an investment memorandum with the Kazakhstan based company to start its mining operations in the region. NBTC, a wholly-owned subsidiary of Shanghai-headquartered The9 is a gaming and internet company based in China. The company will build new crypto mining facilities with a capacity of 200 megawatts (MW).
The9 has signed a deal with LGHSTR Ltd., a Kazakhstan registered company. Both the companies have signed a non-binding investment memorandum to establish a joint venture in the Central Asian republic. As per the release, the Chinese company will have a 51% stake and control the new entity’s board of directors.
World-class Mining facility
The main task of the companies is to build the mining facility in a period of two years. The completed facility will be able to accommodate over 50,000 S19 Antminer devices and have around 5 EH/s of hash power. By the end of this year, around 100MW of capacity will be available, and the rest will be completed by the end of 2022.
To establish itself as a diversified hi-tech internet company, The9 is working to globalize its crypto mining business. Cai Zhifang, CEO of NTBC has informed that the first batch of the hash power has already been restored in Kazakhstan in August this year. He also said that if the partnership progresses smoothly, approximately 50% of the hash power will be stored by the end of October this year.
The9 has informed that the company will continue to look out for low-cost electricity and sustainable energy mining facilities in different parts of the world. Since the company is committed to increasing the large-scale deployment of cryptocurrency mining hardware, they are using the services and equipment of its own and its partners. To achieve this, the company plans to invest in new mining farms and cooperate with operators of existing facilities.
Expansion plan
NBTC has signed another agreement with another company from Kazakhstan earlier in August, Kazdigital Ltd. the company is looking to build a cryptocurrency mining site with a capacity of 100 MW which will be used to deploy mining rigs owned by The9 and other mining companies.
In July, another Chinese company signed a hosting agreement with Bitriver to leverage 15MW of the Russian company’s mining capacity for 2 years. Since the crackdown on Bitcoin mining in China has started, miners from China are looking for other boundaries and are ready to relocate their business.
The Shenzhen-based company, Bit Mining started shipping mining equipment to the country in June this year. In the next month, the company announced plans to expand its operation in Central Asia with the purchase and deployment of another 2,500 miners in Kazakhstan. Bitman, a hardware manufacturer, also announced the plan to host Antminer S19 pro miners in a 180 MW data center operated by Enegix.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
