SHANGHAI, May 14, 2021 /PRNewswire/ -- The9 Limited
(Nasdaq: NCTY) ("The9"), an established Internet company, today
announced that it signed three Chia (XCH) cryptocurrency
mining machine purchase and cloud service leasing agreements with
three unrelated vendors, with the total contract sum of more than
US$5.7 million. Upon the executions
of these agreements, The9 is going to obtain approximately 130
Pebibytes Netspace, and to join the ecological construction of Chia
cryptocurrency, also known as the "Green Bitcoin Alternative". The9
had previously invested in Bitcoin and Filecoin mining machines.
Chia is the third type of cryptocurrency mining implemented by
The9.
Chia was created by Bram Cohen,
the inventor of BitTorrent and a network protocol engineer. It was
developed through Chialisp, a powerful, easy-to-audit and secured
new intelligent transaction programming language. Unlike Bitcoin,
which uses proof of work (POW), Chia uses proof of space and time
(POST) consensus algorithm. Anyone can use the remaining hard disk
space in the storage device to verify transactions without the need
of consuming a lot of computing power and electricity to maintain
the Chia network. Therefore Chia is considered to be a more green
and environmentally friendly blockchain technology. Chia's main
network went live on March 19, 2021.
On May 4, 2021, Chia was opened for
the exchange of its cryptocurrency XCH with other cryptocurrencies,
and XCH is currently listed for trading on exchanges such as Huobi
and OKEx.
The9 will continue to invest in blockchain development and
cryptocurrency mining business. The9 plans to seek for more
innovative and high return cryptocurrency mining targets.
About The9 Limited
The9 Limited (The9) is an Internet company based in China listed on Nasdaq in 2004. The9 aims to
become a diversified high-tech Internet company.
Website: https://www.the9.com/en
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SOURCE The9 Limited