SHANGHAI, June 4, 2021 /PRNewswire/ -- The9 Limited
(Nasdaq: NCTY) ("The9"), an established Internet company, today
announced that it signed a definitive agreement (the
"Agreement") to acquire Montcrypto Ltd. ("Montcrypto"),
a Canadian company, to build a 20MW supply of electricity in
Calgary, Canada. The
carbon-neutral infrastructure of Montcrypto provides a greener and
more environmentally friendly power supply to the cryptocurrency
mining business of The9.
Montcrypto had signed natural gas procurement contracts with
local oil extraction companies and plans to build carbon-neutral
cryptocurrency mining facilities by using natural gas as the source
of electricity power generation. According to the Agreement, The9
plans to invest a total of CAD7.6
million in Montcrypto in two phases to obtain the
controlling stake in Montcrypto. Upon the completion of the two
phases, the power capacity of the mining facilities will be 20MW,
which can supply electricity to operate more than 6,000 S19j
Antminers.
Reducing carbon emissions and achieving carbon neutrality have
been the consensus among most governments and enterprises in the
world. The9 also proactively promotes the implementation of carbon
neutrality strategies among its supply and demand chain partners.
Montcrypto has a complete solution for the use of clean energy,
which can efficiently convert the byproduct natural gas from oil
drilling into low-cost electricity, thereby supporting the
construction of carbon-neutral cryptocurrency mining
facilities.
Montcrypto will cooperate with oil companies in the Calgary area to deploy mobile and modular
cryptocurrency mining facilities at the oil well sites, and convert
natural gas through a series of processing procedures such as
recovery, pretreatment, and energy conversion of the natural gas.
This provides a stable supply of electricity for mass
cryptocurrency mining machines.
According to the Agreement, The9 will pay hosting fee to
Montcrypto at a rate of CAD0.037/kWh
for a period of 5 years. When all the 20MW carbon-neutral mining
facilities are put into use, the byproduct natural gas in the area
will be reduced by approximately 53 million cubic meters every
year, and the greenhouse gas emissions of 128,000 tons of carbon
dioxide equivalent will be reduced.
The9 also announced the closing of the investment in Skychain
Technologies Inc. ("Skychain"), a cryptocurrency mining
facilities company listed in TSX Venture Exchange in
Canada. The9's investment in
Skychain is for its expansion in the capacity from 20MW to 32MW.
The expansion of the mining site is located in Birtle, Manitoba, Canada. Upon the completion
of the expansion, The9 will deploy its cryptocurrency mining
machines there.
Other than the investments in the construction of the two
cryptocurrency mining facilities companies in Canada, The9 is also actively seeking for more
efficient and environmentally friendly mining sites around the
world for the deployment of its cryptocurrency mining machines.
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.
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SOURCE The9 Limited