Benzinga | Feb 5, 2021 10:53AM EST

SOS Will Harness Leibodong Hydropower Station's Cheaper Electricity For Cloud Crypto Mining Center

* SOS Limited (NYSE: SOS) inked an agreement with Leibodong Hydropower Station for electricity supply to a cloud crypto mining center built by SOS.

* Leibodong, located in Hejiang, Luzhou, Sichuan Province, offers richer and cheaper hydropower resources than the rest of China.

* Leibodong will supply electricity to a cloud crypto mining center built by SOS for a price between 0.22-0.38kW/h under the agreement.

* The first shipment of crypto mining machines will be installed by February 14, 2021.

* The average water level of Leibodong is 560 meters with an adjustment capacity of 1.57 million m3.

* The power station's actual installed capacity is 25000 KW, with an average annual power generation of 99.8 million KW/h.

* SOS Chairman Yandai Wang said, "one of the key success factors for cloud crypto mining is to secure cheap power in regions with rich renewable energy resources. Southwest China, such as Sichuan province, is one of such regions. SOS will continue to search for cheap and sustainable electricity to execute its aspiring cloud crypto mining strategy."

* Price action: SOS shares are up 12.6% at $3.91 on the last check Friday.