The9 Limited, China's earliest World of Warcraft distributor, announced that it has signed a legally binding memorandum of understanding with five mining machine owners to purchase 26,007 Bitcoin mining machines.
These Bitcoin miners have a total computing power of approximately 549 PH/S, which is about 0.36% of the total Bitcoin computing power of the entire network. They are currently deployed in Xinjiang, Sichuan, and Gansu.
According to the MOU, The9 Limited will sell a certain number of The9 Limited shares to each miner owner. In exchange, the miner owners agree to transfer the equivalent value of bitcoin miners and related interests to The9 Limited.
The9 Limited will designate its subsidiaries, including NBTC Limited, to receive all interests in these miners.
The9 Limited has been transforming its business into digital currency business since 2018, though this mining machine acquisition deal is the first of its kind.