The9 Ltd, whose shares are listed on the US stock exchange NASDAQ, has bought more than 26,000 Bitcoin mining devices, according to a press release shared by the company.
The9 has signed five memorandums of understanding with five Bitcoin mining machine owners to acquire them through the issuance of Class A ordinary shares. The details on the suppliers and device models have not been disclosed.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.
Most of the devices have been deployed in Xinjiang, Sichuan and Gansu in China.
Jianping Kong, the former director of Chinese BTC mining device maker Canaan, will help The9 launch and maintain the crypto mining business, which will have a total capacity of approximately 549 PH/s, corresponding to 0.36% of the global Bitcoin hashrate.
It must be noted that the shares of The9 have soared 20% since the close of the trading session on Friday after the news was known.