QINGDAO, China, May 18, 2021 /PRNewswire/ -- SOS Limited
(NYSE: SOS) (the "Company" or
"SOS") announced today that 6,039 mining rigs received over
the past month have all been put into operation, including a batch
of 575 Ethereum (ETH) mining rigs received on May 7, 2021, and another batch of 5,464 rigs from
the third and final installation of our rig purchase received
in April.
The 575 ETH rigs are expected to generate approximately 400 GH/s
and the 5,464 rigs are expected to generate an aggregate of
approximately 177 PH/s for mining Bitcoin (BTC) and 356 GH/s for
mining ETH.
Currently, across all mining fleet operations, SOS' total
capacity is expected to generate approximately 527 PH/s for mining
BTC and 1,456 GH/s for mining ETH. SOS currently gets over 90% of
its energy for mining operations from renewable sources.
If the mining operations perform as expected and the
long-term price trends of applicable cryptocurrencies continue, the
return on investment (ROI) is projected to be promising. These hash
rates are subject to numerous factors, including down time for
maintenance, reconfiguration and other variable factors that may
materially impact computing performance in the future.
Mr. Yandai Wang, CEO of SOS, commented, "With the completion of
Phase I of the Leibodong mine and continued expansion of our mining
fleet, we are pleased with the progress on our digital currency
business plan, based on blockchain technology. The launch of our
mining business has provided valuable experience to our team, and
is expected to be an important driver of growth in 2021 and
beyond."
About SOS Limited
SOS is an emerging marketing and solution provider based on
blockchain and big data drive. It has about 20 million members in
China. In July 2020, the headquarters of SOS moved from
Gui'an new area to Qingdao West Coast new area. Recently, SOS has
outlined its strategy in blockchain and cryptocurrency, including a
series of measures to expand its business to cryptocurrency mining,
cryptocurrency security and insurance and digital asset exchange.
The core infrastructure of SOS' marketing data, technology and
solutions to insurance and emergency rescue services is built on
big data, blockchain-based technology, cloud computing, AI,
satellite, and 5G network, etc. SOS has created a cloud "software
as a service (SaaS)" platform for emergency rescue services, with
three major product categories: basic cloud, cooperative cloud, and
information cloud. This system provides innovative marketing
solutions to clients such as insurance companies, financial
institutions, medical institutions, healthcare providers, auto
manufacturers, security providers, senior living assistance
providers, and other service providers in the emergency rescue
services industry.
SOS has obtained a national high-tech enterprise certification
and the title of "Big Data Star Enterprise," awarded by Gui'an New
District Government. Staying on the forefront of digital technology
innovation, the Company has registered 99 software copyrights and 3
patents. For more information, please
visit: http://www.sosyun.com/ .
Forward-Looking Statements
Certain statements in this press release may constitute
"forward-looking statements" within the meaning of the federal
securities laws, including, but not limited to, our expectations
for future financial performance, business strategies or
expectations for our business. These statements constitute
projections, forecasts and forward-looking statements, and are not
guarantees of performance. SOS cautions that forward-looking
statements are subject to numerous assumptions, risks and
uncertainties, which change over time. Words such as "may," "can,"
"should," "will," "estimate," "plan," "project," "forecast,"
"intend," "expect," "anticipate," "believe," "seek," "target,"
"look" or similar expressions may identify forward-looking
statements. Specifically, forward-looking statements may include
statements relating to the Company's:
- expected hash rate for its mining rigs;
- expected mining results for the second quarter of 2021;
- intention to grow and install more mining rigs;
- ability to execute its business plan;
- changes in the market for SOS' products and services; and
- expansion plans and opportunities.
These forward-looking statements are based on information
available as of the date of this press release and our management's
current expectations, forecasts and assumptions, and involve a
number of judgments, risks and uncertainties that may cause actual
results or performance to be materially different from those
expressed or implied by these forward-looking statements.
These risks and uncertainties include, but not are limited to,
the risk factors described by SOS in its filings with the
Securities and Exchange Commission ("SEC"). These risk factors and
those identified elsewhere in this press release, among others,
could cause actual results to differ materially from historical
performance and include, but are not limited to:
SOS's cryptocurrency mining, security and insurance businesses
are still under development, with many uncertainties in research of
relevant technologies;
- failure to access a large quantity of power at reasonable costs
could significantly increase SOS operating expenses and adversely
affect our demand for SOS's mining machines;
- shortages in, or rises in the prices of mining machines may
adversely affect the Company's business;
- any significant or prolonged failure in the data warehouse
facilities and data mining facilities that SOS operates or services
it provides, including events beyond its control, would lead to
significant costs and disruptions and would reduce the
attractiveness of its facilities, harm its business reputation and
have a material adverse effect on its results of operation;
- security breaches or alleged security breaches of our data
warehouses could disrupt SOS operations and have a material adverse
effect on its business, financial condition and results of
operation; and
- Chinese government's policies and regulatory oversight of
crypto currency mining operation;
- other risks and uncertainties indicated in SOS's SEC reports or
documents filed or to be filed with the SEC by SOS.
Accordingly, forward-looking statements should not be relied
upon as representing our views as of any subsequent date, and you
should not place undue reliance on these forward-looking statements
in deciding whether to invest in our securities. We do not
undertake any obligation to update forward-looking statements to
reflect events or circumstances after the date they were made,
whether as a result of new information, future events or otherwise,
except as may be required under applicable securities laws.
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SOURCE SOS Limited