Nasdaq-listed company NCTY announced today that its 100% subsidiary NBTC has signed an agreement on investment terms with the Kazakh company KazDigital for the construction of a joint venture, a cryptocurrency mining farm.
Under the agreed conditions, the goal is to build a mining farm with an output of up to 100MW, which will be located in Kazakhstan in the following phases: the first phase of 25 MW was completed on August 1 this year, the remaining 75 MW will be quarterly until completion in Q1 2022.
In this case, KazDigital assumes responsibility for the future operation and management of the Joint Undertaking. Kazdigital will also transport the first 1,000 mining machines to ensure the functionality of all processes and operations.
We believe we should seize the unique opportunity of a rapidly changing mining environment to accelerate the layout and expand resources in the mine. In the near future, Ninetowns will continue to actively seek low-cost and green energy mines for digital currencies in various regions, said Cai ZhiFang as the CEO of NBTC Limited