The9 Limited (Nasdaq: NCTY) (“The9”), an established Internet company, today announced that it has signed a cryptocurrency mining hosting agreement with Russian company BitRiver (“BitRiver”) through its wholly-owned subsidiary NBTC Limited.
BitRiver, headquartered in Moscow, was established in 2017 to provide global hosting services and one-stop, turnkey solutions for large-scale cryptocurrency mining operations. BitRiver currently utilizes surplus hydroelectric power to operate data centers through low cost and sustainable renewable energy that offers hosting services for cryptocurrency mining in Russia and the CIS region. At present, the targeted data-center for The9’s mining machines has an initial total power supply capacity of 300MW which could be extended up to 500MW.
According to the agreement between the two parties, BitRiver will reserve 15MW of electric capacity for The9’s Bitcoin mining machine deployment. The initial term of the agreement is 2 years. After the expiration, both parties have the right to automatically extend their cooperation for an additional one year, unless either party decides not to do so.
The9 will continue to actively seek for low-cost electricity and sustainable energy mining facilities in different regions of the world to accelerate the deployment of large-scale cryptocurrency mining machines for The9 and other partners by both self-construction of mining facilities and hosting cooperation with mining facilities companies.