Benzinga | Feb 16, 2021 08:11AM EST

The9 Signs $10MFramework Agreement On The Purchase Of Filecoin Mining Machines

SHANGHAI, Feb. 16, 2021 /PRNewswire/ -- The9 Limited (NASDAQ:NCTY) ("The9"), an established Internet company, today announced that it signed a US$10 million framework agreement (the "Framework Agreement") with a Filecoin (FIL) mining machine vendor to purchase Filecoin mining machines by cash.

The9 had already purchased and deployed Filecoin mining machines, and Filecoin mining has been started. Currently The9 owns an independent node on Filecoin blockchain and 8 Pebibyte of effective storage mining power in the Filecoin network.

The9 will continue to purchase Filecoin mining machines under the Framework Agreement based on the trend of Filecoin price and Filecoin's economic incentive model.