Chinese gaming company ‘The9’ all set for new joint crypto venture in Kazakhstan 

A crypto collaboration will again happen in Kazakhstan as the Chinese gaming firm “The9 Ltd” is preparing for a crypto mining venture. The company, which has recently shifted its business to crypto mining, is fast expanding in the country to tap its growing crypto market. 

The9, a Nasdaq-listed company, has recently signed an investment memorandum through its subsidiary, NBTC Ltd, with its local company LGHTSR Ltd. 

The aim of this partnership is to establish a crypto mining venture in Kazakhstan to further strengthen The9’s foothold in the country. NBTC will own 51% of the new joint venture, while LGHSTR plans to hold the remaining stake. 

50,000 S19 Antminers

Through this collaboration, The9 is aiming to establish cryptocurrency mining sites with a capacity of 200 megawatts in the next two years. Once all the facilities are in full operation, The9 can operate 50,000 S19 Antminers (at the very least) which would be a very powerful workhorse for its mining venture. 

Recently, The9 has partnered with KazDigital Ltd (also a crypto mining company in Kazakhstan), which aims to establish a 100 MW mining center. 

“The9 is actively developing the globalization of its cryptocurrency mining business. The first batch of power was restored in Kazakhstan in early August this year and has been operating stably,” NBTC Chief Executive Officer Cai Zhifang said. 

Aggressive expansions

Since The9 has pivoted to crypto mining businesses, it has aggressively struck deals with various companies to further expand its operations. And it is clear that its business shift and consistent expansion are all paying off. 

Zhifang also said that if the company’s global expansion progressed according to plan, then it would be able to restore half of its original hash power by October this year.

Image courtesy of Cointelegraph News/YouTube

Source: https://bitcoinerx.com/bitcoin/chinese-gaming-company-the9-all-set-for-new-joint-crypto-venture-in-kazakhstan/