Benzinga | Jan 13, 2021 08:38AM EST

SOS Ltd. Announces Crypto Mining Strategy And Plan

QINGDAO, China, Jan. 13, 2021 /PRNewswire/ -- SOS Limited (NYSE: SOS) (the "Company" or "SOS") today announced its crypto mining plan. SOS plans to invest heavily in the crypto mining business to take advantage of the growing investors' realization of the values and potentials of the crypto assets.

Dr. Huazhong (Eric) Yan, Vice President of Operation who spearheads the Company's planned cryptocurrencies security and insurance operation will also be responsible for the crypto mining business. The Company plans to have him lead a team to come up with a detailed plan of setting up a series of cloud crypto mining sites in the regions where energy costs are much lower and clean energy resources much more, such as Sichuan, Gan su, Xinjiang, Yunnan, Inner Mongolia, etc. Initially, SOS anticipates focusing on the mining of the key mainstream cryptocurrencies, such as BTC, etc. If that venture develops as planned, we plan to expand mining further to the full coverage of all of mainstream cryptocurrencies. In addition, SOS also plans to provide a variety of cloud based crypto mining services, such as SOS self-mining, miner trusteeship, cryptocurrency-related DeFi, security and insurance services for cryptocurrencies, etc.

SOS Chairman Yandai Wang commented, "We expect that SOS's planned cloud based crypto mining and crypto currency security and insurance operation spearheaded by Dr. Yan, will become one of key growth drive of SOS."