Codechain New World announces the acquisition of 10,000 Bitcoin mining machines

Codechain Newland Co., Ltd. (NASDAQ: CCNC) announced today that it has signed an asset purchase agreement with Sichuan Rizhan Cloud Computing Co., Ltd. to purchase 10,000 Innosilicon T2T Bitcoin mining machines for RMB 40 million (approximately US$6.2 million). The closing of the transaction is subject to completion of due diligence and final valuation of the underlying assets.
Under the terms of the agreement, 10,000 Innosilicon T2T bitcoin mining machines purchased for a total of RMB 40 million will be delivered on the closing date. After the closing, the purchased machines will be stored and managed by Sichuan Rizhan Cloud Computing. The daily net profit from mining will be deposited into CCNC's digital account. During the "assessment period" of one year after the closing, the seller will receive performance rewards in the form of stocks based on an average daily net profit of RMB 200,000.
Feng Weidong, Co-CEO of the Company, said: "We are pleased to announce this asset purchase agreement as a step for the Company to expand into the cryptocurrency mining business. This quick action speaks to the efficiency of the management team's execution. The recent sharp rise in the price of Bitcoin provides us with a unique opportunity to build a mining business to optimize our product structure in the cryptocurrency industry value chain and bring the best value to our customers. We believe that cooperation with Sichuan Rizhan Cloud Computing Company is a true win-win approach, which requires the joint efforts of both parties to achieve the commitment of RMB 200,000 in daily net profit from Bitcoin mining. We look forward to completing this transaction as soon as possible after the due diligence is completed."
About Codechain New World CCNC:
Code Chain New Continent Limited was established in 2009 and is engaged in the research, development and sale of mining and industrial solid waste recycling systems, the wholesale and sale of fuel materials, port cargo handling services, and the production and sale of coatings. It provides end users in these markets with a clean alternative to traditional waste treatment by significantly reducing the discharge of solid waste into the environment and enabling these users to extract value from valuable metals and other industrial waste.