The Nasdaq-listed company The9 has signed a deal to acquire the green mining company Montcrypto, according to the press release.
The9 will invest C$7.6 million ($6.26 million) in two stages.
The partners will build a carbon-neutral mining centre with a design capacity of 20 MW in Calgary, Canada.
Natural gas will be used as the energy source. Montcrypto previously signed the necessary agreements with local extraction companies. Mobile and modular mining equipment installations will be placed near oil wells, where they will extract, process and convert the fuel into energy.
The initiative will support the government’s call for the cryptocurrency mining industry to achieve carbon neutrality. According to estimates, once the facility is fully operational, annual CO2 emissions will fall by 128,000 tonnes.
The9 will also invest in Skychain Technologies, a mining company whose shares are listed on the TSX Venture Exchange. The financing will allow the latter to expand its data centre capacity in Birtle (Manitoba, Canada) from 20 MW to 32 MW. Upon completion of the upgrade, The9 will place its equipment there.
Gryphon Digital Mining will go public via a reverse merger with the data-management provider Sphere 3D.
Follow ForkLog news on Twitter!