Benzinga | Oct 27, 2021 08:05AM EDT

Taoping Reports Established New Subsidiary, Kazakh Taoping Data Center Co. To Invest $3.2M In Construction Of Crypto Mining Data Center In Kazakhstan

Taoping Inc. (NASDAQ:TAOP, the &ldquo, Company&rdquo, or &ldquo, TAOP&rdquo, ))), a provider of blockchain technology and smart cloud services, today announced that its subsidiary, Taoping Capital Limited, established a wholly-owned Kazakh subsidiary, Kazakh Taoping Data Center Co. Ltd. ("Kazakh Taoping"), to invest in the construction of cryptocurrency mining data center in Kazakhstan.

Kazakh Taoping's main business is expected to be managing the construction of a cryptocurrency mining data center in Kazakhstan. According to the project plan, Kazakh Taoping intends to complete the first phase of the construction of the cryptocurrency mining data center with a total capacity of 40MW within six months. With a covered area of about 269,000 square feet, the data center is expected to be able to deploy about 10,000 S19 Antminers. The board of directors of the Company has approved a $3.2 million investment in Kazakh Taoping for the construction of the cryptocurrency mining data center project.

"The establishment of Kazakh Taoping is of great significance to our overseas business expansion," said Mr. Jianghuai Lin, Chairman and CEO of TAOP. "Kazakhstan is a growing hub for cryptocurrency mining, we believe the completion and operation of the project will create greater value for our shareholders and clients."