Benzinga | Jan 25, 2021 07:35AM EST

The9 Signs Legally Binding Memorandum Of Understanding On Purchase Of Bitcoin Mining Machines By Issuance Of Class A Ordinary Shares; Co. Expected To Own 26,007 Mining Machines

SHANGHAI, Jan. 25, 2021 /PRNewswire/ -- The9 Limited (NASDAQ:NCTY) ("The9"), an established Internet company, today announced that it signed five legally binding Memorandum of Understanding (collectively the "MOUs") with five Bitcoin mining machine owners to purchase Bitcoin mining machines by the issuance of Class A ordinary shares. After the completion of the transaction, The9 is expected to own 26,007 Bitcoin mining machines, with a total hash rate of approximately 549PH/S, accounting for about 0.36% of the global hash rate of Bitcoin. Majority of these mining machines have already been deployed in Xinjiang, Sichuan and Gansu in China.