The9 Limited to Launch a Crypto Mining Joint Venture with LGHSTR

​The9 Limited (The9), an Internet company based in China listed on Nasdaq in 2004, announced last Friday that its wholly-owned subsidiary NBTC Limited (NBTC) has signed a non-binding investment memorandum with a Kazakhstan company LGHSTR Ltd. (LGHSTR), to form a cryptocurrency mining joint venture in Kazakhstan.

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According to the official press release, NBTC and LGHSTR will own 51% and 49% of the joint venture respectively. And NBTC will control the board of directors.

The joint venture is expected to to invest and build cryptocurrency mining sites with a total capacity of 200MW within two years. NBTC will have the priority to deploy cryptocurrency mining machines owned by itself or its partners. In the first stage, the new firm plans to complete the construction of 20MW in September 2021. Then a total of 100 MW is expected to complete by the end of 2021 cumulatively.

“The9 is actively developing the globalization of its cryptocurrency mining business. The first batch of hash power has been restored in Kazakhstan in early August this year and has been operating stably. If the cooperation with our worldwide mining facilities partners progresses smoothly, we expect to restore approximately 50% of our original hash power by the end of October this year, and we plan to restore all our original hash power and add new hash power before the end of this year,” said Cai Zhifang, CEO of NBTC.

The9 will continue to actively seek for low-cost electricity and sustainable energy mining facilities in different regions in the world, to accelerate the deployment of large-scale cryptocurrency mining machines for The9 and other partners by both investments in mining facilities and hosting cooperation with mining facilities companies.