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Gaming Company The9 to Buy 2,000 Bitcoin Mining Machines for About $6.72M in Stock
The company also completed the signing of definitive agreements for 12,246 units of bitcoin mining machines with a total hashrate of 288PH/S.
Publicly traded Chinese gaming company The9 (NCTY) said Friday it agreed to buy 2,000 units of AvalonMiners bitcoin mining machines for about $6.72 million in stock.
STORY CONTINUES BELOW
In an announcement, The9 said it signed a memorandum of understanding to buy the machines with a total hashrate of about 100PH/S. To pay for the machines, The9 said it will issue 8.12 million ordinary shares, equivalent to 270,913 American depositary shares (ADS). Based on the company’s share price of $24.81 prior to signing the MOU, the deal is valued at $6.72 million.
The9 also said it completed the signing of definitive agreements for 12,246 units of bitcoin mining machines with a total hashrate of 288PH/S. Under the terms of these deals, The9 will issue 9,387,840 Class A ordinary shares (equivalent to 312,928 ADS) to the sellers, with a lockup period of six months. If the same ADS price as the earlier agreements were used, these pacts would be valued in total at about $7.76 million.
Read more: Riot Blockchain Signs Contract to Purchase 42,000 Mining Machines From Bitmain
As reported by CoinDesk, bitcoin’s hashrate, which is a way to measure the total power consumption and mining output of the network, has topped a new all-time high as mining firms like The9 continue to add more hash power.
The9’s ADS were down a little more than 4% in recent trading to $27.21.
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.
