The9 plans to establish a joint venture in Kazakhstan to build a 200 MW digital currency mining farm

On August 20, Internet company The9 (Nasdaq: NCTY, referred to as "The9") announced today that its wholly-owned subsidiary NBTC Ltd. (referred to as "NBTC") and Kazakhstan company LGHSTR Ltd. (referred to as "LGHSTR") have signed an investment memorandum, and the two parties will establish a joint venture in Kazakhstan.

According to the investment memorandum, NBTC will hold 51% of the shares of the joint venture, LGHSTR will hold 49% of the shares, and NBTC will have primary control over the board of directors of the joint venture.

The joint venture plans to invest and build a digital currency mining farm with a total capacity of 200MW within two years. NBTC will have the priority to deploy the company's and its partners' digital currency mining machines in the mining farm. When the entire 200MW capacity of the mining farm is completed, more than 50,000 S19 Antminers can be deployed, and the computing power is expected to reach about 5EH/s. The joint venture will also carry out digital currency mining farm-related operations and mining machine maintenance in Kazakhstan. The joint venture plans to complete the construction of 20MW in September 2021, 100MW by the end of 2021, and 200MW by the end of 2022.