The9 City, an online casino and mining company based in Shanghai, has plans to transfer its China-based capacity to Russia. Four months ago, the firm launched its mining division.
The9 City has reached an agreement with BitRiver. Equipment with a total power of 15 MW will now be installed on bitRiver’s areas. The contract has a term of 2 years. Yet, it is possible to extend the term in the future.
The company does not plan to move all its equipment to Russia. It has 35,000 devices and 745 PCS of total hashrate. These devices can be found in China’s Sichuan, Xinjiang and Qinghai provinces, Inner Mongolia, Gansu, and Qinghai.
The company trades on the NASDAQ stock market and must report all assets to the US authorities. At March’s end, 126 BTC had been stored on The9 City wallets. Their current exchange rate is $ 4,000,000.
The9 City began as a computer game company. The9 City’s management decided to start a mining business at the beginning of this year.
China has placed a ban on mining. This is because of concerns about the impact on the environment that cryptocurrencies could have.