TAOP Signs Memorandum of Understanding to Establish Cryptocurrency Mining Joint Venture for Building 100MW Capacity in Kazakhstan
August 27 2021 - 8:00AM
Taoping Inc. (NASDAQ: TAOP, the “Company” or “TAOP”), a provider of
blockchain technology and smart cloud services, today announces
that its wholly-owned subsidiary Taoping Digital Assets (Asia)
Limited ("TDAA") and a Kazakhstan company Aral Petroleum
Capital LLP ("APC") have signed a memorandum of understanding
(“MOU”) to establish a joint venture in Kazakhstan, of which
TDAA and APC will own 51% and 49%, respectively. TDAA will
control the board of directors of the joint venture.
APC is an oil and gas exploration and
development company operating in Kazakhstan, a wholly-owned
subsidiary of Caspian Energy Inc. It holds an exclusive license
which entitles it to explore and develop certain oil and gas
properties known as the "North Block", an area of 1,916 square km,
and a production contract for the area known as "East Zhagabulak".
With a strong industry position and integration experience, APC is
able to ensure high-quality utility-scale electricity supply at a
low cost to the joint venture.
The joint venture plans to invest and build
cryptocurrency mining sites with a total capacity of 100MW, the
first stage construction of 30 MW is expected to complete within
three to six months. TDAA will have the priority to deploy
cryptocurrency mining machines owned by TDAA or its partners. The
joint venture will carry out operation and maintenance of
cryptocurrency mining machines in Kazakhstan. In
addition, the joint venture plans to rent out excess operating
capacity to third parties for additional income.
On April 15, 2021, the Company announced that it
has signed a Bitcoin mining machine purchase agreement with Bitmain
Technologies Limited for the purchase of Antminer S19j Pro Bitcoin
mining machines with a total hash rate of 300,000 TH/s. TAOP
plans to deliver these mining machines to Kazakhstan for
deployment once the construction of the mining sites is
completed.
“We continue to look for global opportunities
that can bring business growth. With year-round cool temperatures,
low real estate and labor costs, and relatively low energy prices,
Kazakhstan is becoming a crypto mining hub that currently ranks 3rd
in the world in terms of hash rate power,” said Mr. Jianghuai Lin,
Chairman and CEO of TAOP, “We are working actively to capture
current unique opportunity of the rapidly changing cryptocurrency
mining environment to create value for shareholders.”
About Taoping Inc.
Taoping Inc. (TAOP) is an integrated group of
technology and financial companies with business in Mainland China,
Hong Kong, and other overseas countries. Relying on its unique
strengths in cloud technology and chip supply chain, TAOP provides
solutions and cloud services to industries such as film and
television production, education, new media, artificial
intelligence and asset management. The Company is dedicated to the
research and application of blockchain technology as well as
investment and management of financial assets at home and abroad.
To learn more, please visit http://www.taop.com/.
Safe Harbor Statement
This press release may contain certain
"forward-looking statements" relating to the business of Taoping
Inc., and its subsidiaries and other consolidated entities. All
statements, other than statements of historical fact included
herein, are "forward-looking statements" in nature within the
meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements, often identified by the use of
forward-looking terminologies such as "believes", "expects" or
similar expressions, involve known and unknown risks and
uncertainties. Although the Company believes that the expectations
reflected in these forward-looking statements are reasonable, they
do involve assumptions, risks and uncertainties, and these
expectations may prove to be incorrect. Investors should not place
undue reliance on these forward-looking statements, which speak
only as of the date of this press release. The Company’s actual
results could differ materially from those anticipated in these
forward-looking statements as a result of a variety of factors,
including those discussed in the Company’s periodic reports that
are filed with the Securities and Exchange Commission and available
on its website (http://www.sec.gov). All forward-looking statements
attributable to the Company and its subsidiaries and other
consolidated entities or persons acting on their behalf are
expressly qualified in their entirety by these factors. Other than
as required under the securities laws, the Company does not assume
a duty to update these forward-looking statements.
For further information, please contact:
Taoping Inc.
Chang
QiuEmail: chang_qiu@taoping.cnhttp://www.taop.com/
or
Dragon Gate Investment Partners LLCTel:
+1(646)-801-2803Email: taop@dgipl.com
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