The9, a Shanghai-based Bitcoin mining startup, is building a 100 Megawatt btc mining plant for Kazakhstan. The corporation has relocated abroad after being subject to Chinese tyranny. The Block Crypto portal reported the case.
On Wednesday, the Nasdaq-listed bitcoin mining company announced that its wholly-owned subsidiary NBTC Ltd had entered into an investment agreement with KazDigital. This joint venture will be responsible for developing a cryptocurrency mining facility with the largest of 100 MW. The plant will open in Q1 2022.
According to The9, the project will be implemented in four phases. Each phase will include 25 MW devices. The first phase was completed on August 1. The9 also claimed that it would ship an extra 1,000 bitcoin mining devices soon to test the process further. A local partner will supervise the operation.
Realated: The9 City Mining Company Is Moving From China To Russia
The9 has been affected by Chinese restrictions since May this year. China has banned bitcoin mining in most of its regions.
This company’s latest attempt to build an excellent mining infrastructure is in the middle of a global bitcoin supply crisis on Chinese markets and other international markets.
This is where The9 may see an opportunity. The 9 signed a contract last month with BitRiver to reserve 15 megawatts. It may seem that this is insufficient. The organisation needs more power and room to grow.
When China cut off energy supplies to local bitcoin mines, The9 already had the most significant number of its 35,000 excavators deployed. Older-generation bitcoin mining machines were deployed in Sichuan and Xinjiang as well as Qinghai, Inner Mongolia, Gansu and Qinghai. The corporation is now required to emigrate from the State of the Middle.
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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.
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