Benzinga | Feb 25, 2021 11:01AM EST

SOS Reports Deal With Leibodong Hydropower Station In China For Lease Of Site Expected To House ~3,500 Sets Of Crypto Mining Rigs

SOS Limited (NYSE: SOS) (the "Company" or "SOS") announced today that it entered into a definitive agreement with Leibodong Hydropower Station("Leibodong") in Hejiang County, Luzhou, Sichuan. Pursuant to the definitive agreement, Leibodong will supply SOS with electricity and physical space to house crypto mining rigs for a term of three years in order for SOS to operate its own cloud crypto mining and big data center.

Pursuant to the definitive agreement, Leibodong shall lease SOS with its own physical site or sublease physical site which are expected to be approximately 1350 square meters (approximately 14531.28 square foot) for SOS to house about 3500 sets of crypto mining rigs. The rent is about RMB 3.50 (approximately $0.5422) per square meter per month.

SOS Chairman Yandai Wang commented, "We are glad to enter into the definitive agreement with with Leibodong after three weeks' of negotiation since we entered the framework agreement on February 3, 2021. I am very pleased with the deal. The sustainable and cost-effective crypto mining supply chain is one of key success factors for cloud crypto mining. The Leibodong Cloud Crypto Mining Center based in Hejiang County, Luzhou, Sichuan sets an example and standard on how SOS will continue to secure cheap electricity in regions with rich renewable energy resources, such as Sichuan China. We will continue to search for cheap and sustainable power plant to execute our aspiring strategy of cloud crypto mining."