Benzinga | Apr 15, 2021 08:12AM EDT

TAOP Signs $24M Purchase Agreement With Bitmain For Antminer S19j Pro Bitcoin Mining Machines

Taoping Inc. (NASDAQ:TAOP, the &quot, Company&quot, ))))), a provider of Internet-based smart display screens, and a new-media ecosystem that enables targeted advertising and online retail, announces today that it has signed a Bitcoin mining machine purchase agreement (the "Purchase Agreement") with Bitmain Technologies Limited. Pursuant to the Purchase Agreement, TAOP will purchase Antminer S19j Pro Bitcoin mining machines with a total order value of about $24 million. The purchase will be funded by a line of credit backed by the personal real estate of Mr. Jianghuai Lin, the Chairman and CEO of TAOP.



S19j Pro is the latest model of Bitmain Antminer launched in April 2021, with a hash rate of 100 TH/s, a low energy efficiency ratio of 30 J/TH, and an expected life cycle over 5 years. The miners are scheduled to deliver starting from August 2021. Upon the completion of deliveries under the Purchase Agreement, TAOP is expected to own an additional hash rate of approximately 300,000 TH/s.

"This purchase agreement is another key step for TAOP's blockchain and digital asset business following our cooperation with BitFuFu," said Mr. Jianghuai Lin, the Chairman and CEO of TAOP. "We are committed to keep increasing operational hash rate and seize the significant opportunities in blockchain technology."