Nasdaq-Listed The9 to Buy Control of Mining Company Montcrypto
Montcrypto aims for a carbon-neutral infrastructure for cryptocurrency mining through the use of natural gas.
Jun 4, 2021 at 9:05 a.m. UTCUpdated Aug 21, 2021 at 7:29 p.m. UTC
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Chinese gaming company The9 agreed to buy control of Montcrypto, a Canadian carbon-neutral crypto mining company.
- The9 plans to invest C$7.6 million (US$6 million) for the controlling stake.
- The money will help fund construction of a 20-megawatt supply of electricity in Calgary, Canada, enough to power more than 6,000 S19j Antminers.
- Montcrypto aims to provide a carbon-neutral infrastructure for cryptocurrency mining by using natural gas bought from oil companies for power generation, according to an announcement Friday.
- The9, which is listed on Nasdaq, announced its pivot to crypto mining in January with the purchase of over 25,000 ASIC machines, most of which were deployed in China.
- The Chinese firm also announced the closing of its investment in Skychain Technologies, another Canadian mining company, which is listed on the Toronto Stock Exchange. The investment will be used to expand Skychain's mining site in Birtle, Manitoba, after which The9 will deploy mining machines there.
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