Benzinga | Aug 11, 2021 09:48AM EDT

TAOP Forges MoU With Dennver Group To Purchase Ethereum Mining Machines

* Blockchain technology provider Taoping Inc (NASDAQ:TAOP) inked a non-binding Memorandum of Understanding (MoU) with Dennver Group Holdings Limited to purchase Ethereum mining machines with a total hash rate of 500 GH/s.

* The companies will set the purchase price of the Ethereum mining machines in cash and restricted shares of TAOP after the due diligence.

* TAOP aims to keep increasing operational hash rate and seize the significant opportunities in blockchain technology, TAOP Chair and CEO Jianghuai Lin said.

* Taoping held $0.9 million in cash and equivalents as of Dec. 31.

* Price Action: TAOP shares traded higher by 5.37% at $3.53 in the market session on the last check Wednesday.