The9 Company is Going to Buy 2000 BTC Mining Machines

The Chinese gaming company The9 is to buy 2,000 Bitcoin mining machines worth $6.72 million in stock. The stock named NCTY company announced it agreed to buy those bitcoin mining machines from AvalonMiners.

The company said in an announcement, it signed a legally binding memorandum of understanding with an unrelated bitcoin mining machine owner to purchase Bitcoin mining machines. The total hash rate these machines could produce about 100PH/S and the gaming company mentioned, to pay for the mining machines it will issue 8.12 million ordinary shares.

According to the largest cryptocurrency news website CoinDesk, the gaming company also completed the signing of agreements for 12,246 bitcoin mining machines with can produce a total of 288PH/S hash rate.

Earlier 2021, one of the oldest Bitcoin miners, Hut 8 also purchased over $30 million worth of NVIDIA’s specialized cryptocurrency mining hardware, CMPs to expand Hut 8’s cryptocurrency mining capability. As Blockfinest previously reported, that statement filled 60% of NVIDIA CEO expected sales during the first quarter of 2021.

However, major companies’ interest in growth in expanding cryptocurrency mining capability seems more in 2021. Besides in a situation like higher competition and lower mining revenue. What are your thoughts? Let me know down in the comments.

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