Five Chinese companies listed in the United States in the past year have deployed mining operations

Among the companies that went public in the United States, another company has deployed cryptocurrency mining.

On January 6, China Xiangtai Foods (PLIN.US), a US-listed company, announced that its subsidiary SonicHash US and HashCow LLC (dairy cow cloud computing power) have signed a purchase agreement. SonicHash US purchased 686 cryptocurrency mining machines with a total hash rate of 63 PH/s and a total purchase price of US$5,995,640.

According to the agreement, the newly purchased mining machines are expected to be delivered to the company’s mine in Carthage, New York within two to three weeks. With all mining machines fully operational, the company’s total mining business is expected to include 1,428 Bitcoin mining machines, and the total hash rate will reach 132.2PH/s.

On December 15, 2021, China Xiangtai Foods announced the addition of a new salesperson section to enhance the company’s future profitability, which is engaged in the acquisition of related assets in blockchain and derivative services. Prior to this, China Xiangtai Foods just announced the appointment of senior economist and blockchain senior scholar Dr. Erick W. Rengifo as chief strategy officer and director, appointment of asset management expert Dr. Li Jiaming as president, and appointment of blockchain industry expert Mr. . Jiang is the Chief Operating Officer.

As cryptocurrencies are becoming more and more widely accepted, before China Xiangtai Food, there have been Chinese companies listed on US stocks such as Ninth City, Bit Digital, 500.com, China Global Shipping, Urban Tea, etc., have successively started cryptocurrency mining Mine business.

The ninth city

The Ninth City was established in 1999. It was once one of the largest online game developers and operators in China. In 2002, it became known to the industry for its exclusive agency of the online game “Miracle” in Mainland China. In 2004, it relied on the agency of “World of Warcraft”. “It was a smash hit and landed on Nasdaq in the same year.

January 4, 2021, the ninth city officially announced the establishment of a wholly owned subsidiary of N BTC Limited’s, focused on digital currency in the block chain related business, and expect to contribute 8-10% of global count Bitcoin force, Ethernet Square 10% of computing power and 10% of Grin computing power.

It is reported that the Ninth City will deploy 14,000 Ant S19j mining machines in Canada and other countries since December last year, and 10,000 Ant S19j mining machines will be deployed in the United States from the second quarter of 2022. By then, the computing power of the Ninth City will be Will increase 2.16EH/s.

500.com

500.com is an online sports lottery service provider in China, listed on the New York Stock Exchange in 2013.

On February 16 last year, 500.com announced that it had signed a share swap agreement with the Blockchain Alliance. 500.com will issue 44,353,435 Class A common shares to the Blockchain Alliance at the time of the first settlement, each with a par value of US$0.00005, representing approximately 10% of the company’s shares issued on January 31, 2021, in exchange for the Blockchain Alliance holdings after the reorganization is completed. The entire issued share capital of.

The proposed transaction under the share swap agreement includes the transfer of all of Bitdeer Technologies’ mining pool business under BTC.com, as well as the transfer of the BTC.com domain name and BTC.com cryptocurrency wallet to 500.com.

Urban Tea

Urban Tea Mingyuntang (NASDAQ:BTB) was established in 2011. It is a specialty tea product distributor and retailer headquartered in Changsha, Hunan. It owns the tea brand Mingyuntang. On February 17th last year, Urban Tea announced that it would launch key strategic expansions in blockchain and cryptocurrency mining.

China Global Shipping

In February 2021, China Global Shipping (SINO) announced that it had signed a binding letter of intent (LOI) to acquire a 51% stake in Inner Mongolia Nine Chain Intelligent Big Data Park Service Co., Ltd. Nine-Chain Intelligence owns a 150000KW Bitcoin mining computing center, with a total computing power of 4500P, accounting for approximately 2.8% of the world’s Bitcoin computing power. After that, China Global Shipping entered the NFT market and accepted Bitcoin payments.

Concluding remarks

 

In addition to the aforementioned companies, Bit Digital is also transforming into the cryptocurrency market.

The predecessor of Bit Digital is “China’s first auto loan stock” Dianniu Finance. It was established in November 2015 and mainly engaged in P2P auto mortgage loan business. It was listed on the Nasdaq in March 2018. However, with the continuous thunderstorms and cleaning and rectification of the domestic P2P industry, Dianniu Finance’s operating conditions are gradually declining, and it has been on the verge of delisting many times. In September 2020, Dianniu Finance officially changed its name to Bit Digital, and began to transition to P2P and transform its business into cryptocurrency business. According to official website data, as of now, Bit Digital has a computing power of about 2.6EH/s.

In summary, among these 6 companies, some companies that are on the edge of delisting have joined the cryptocurrency market through investment or direct deployment, such as China Global Shipping and Bit Digital. The large-span transformation has allowed these companies to escape the dangerous period of delisting, but it remains to be seen whether they can stand out among the many mining forces.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/five-chinese-companies-listed-in-the-united-states-in-the-past-year-have-deployed-mining-operations/
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