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Chinese Miner The9, KazDigital to Build Crypto Mining Plant in Kazakhstan
The two firms will launch a new mining site in Kazakhstan that will be used to deploy The9's mining machines and potentially other third parties' machines.
Nasdaq-listed The9 has signed a joint venture agreement with Kazakhstan cryptocurrency mining firm KazDigital to build a crypto mining site in Kazakhstan, The9 said Wednesday.
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- The Shanghai-based company’s non-binding term sheet with KazDigital calls for the two companies to build a cryptocurrency mining site in Kazakhstan with a capacity of 100 megawatts.
- The mining site will be used to deploy The9's mining machines and potentially mining machines from other companies.
- The construction of the total capacity of the crypto mining site will be completed in four stages. The first stage of 25MW was completed on Sunday, with the remaining 75MW to be gradually completed in the third and fourth quarters and the first quarter of 2022, with installation of 25MW per quarter.
- Both parties will invest their own assets in the venture, with KazDigital investing in assets relating to construction and infrastructure of the mining site and The9 putting in cash or mining machines.
- KazDigital will be responsible for the operation and management of the joint venture once it has launched.
- The9 said it will initially transport 1,000 mining machines to Kazakhstan for a trial operation.
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
