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The9 to Acquire Canadian Crypto Mining Facilities Company Montcrypto for $C$7.6M

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Anusuya Lahiri
·1 min read
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  • Chinese internet company The9 Ltd (NASDAQ: NCTY) inked an agreement to acquire Canada’s Montcrypto Ltd to build a 20MW electricity supply in Calgary, Canada.

  • Under the arrangement, The9 plans to invest C$7.6 million in Montcrypto in two phases to obtain a controlling stake.

  • After completion, the 20MW power capacity of the mining facilities can supply electricity to operate over 6,000 S19j Antminers.

  • The carbon-neutral infrastructure of Montcrypto offers a greener and more environmentally friendly power supply to The9’s cryptocurrency mining business.

  • Montcrypto forged natural gas procurement contracts with local oil extraction companies and planned to build carbon-neutral cryptocurrency mining facilities using natural gas.

  • The9 will pay a hosting fee at a rate of C$0.037/kWh to Montcrypto for five years.

  • The9 held $4.9 million in cash and equivalents as of Dec. 31, 2020.

  • Price action: NCTY shares traded higher by 4.66% at $11.45 in the premarket session on the last check Friday.

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© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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