TAOP Signs Mining Cards Purchase Agreement for Additional 200GH/s Computing Power of Ethereum Mining
August 30 2021 - 9:15AM
Taoping Inc. (NASDAQ: TAOP, the “Company” or “TAOP”), a provider of
blockchain technology and smart cloud services, today announces
that it has signed a purchase agreement (the "Purchase Agreement")
with Hoover Investment Group Limited, a company focusing on
blockchain investment and digital asset supply chain business in
Hong Kong. Pursuant to the Purchase Agreement, TAOP will purchase
1,220 NVIDIA CMP 170HX mining cards scheduled to deliver starting
from September 2021 for about $4.0 million.
NVIDIA CMP 170HX, a GPU dedicated to
cryptocurrency mining, delivers an Ethereum hash rate up to 164
MH/s. The Company plans to use the purchased mining cards on its
Ethereum mining business in Hong Kong and Kazakhstan. Upon the
delivery of the mining cards under the Purchase Agreement, TAOP is
expected to own an additional hash rate of 200GH/s before October
30, 2021.
Currently, TAOP’s Ethereum mining business has a
total peak hash rate of 300GH/s, which can generate approximately
210 Ether per month. With the additional 200GH/s computing power
purchased this time, total peak hash rate is expected to reach
500GH/s and to generate about 350 Ether per month by end of
October. The Company intends to increase its computing power to a
total of 1000GH/s by the end of 2021, and to generate about 700
Ether per month by then.
“We expect to continue to invest and acquire
crypto mining machines to enhance our overall computing power and
quickly increase our presence in digital currency market,” said Mr.
Jianghuai Lin, Chairman and CEO of TAOP. “We believe our moves will
add considerable value to the Company’s 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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