The Nasdaq-listed The9, through its subsidiary NBTC Limited, has signed an agreement with Kazakhstan’s LGHSTR to establish a cryptocurrency mining joint venture. The press release said.
Under the partnership, the companies plan to invest in building mining sites with a total capacity of 200 MW by the end of 2022. As an example, The9 noted that the built facilities could house more than 50,000 Antminer S19 machines.
Under the terms of the deal, NBTC Limited will own 51% of the joint venture, LGHSTR 49%.
This is not The9’s first foray into mining in Kazakhstan. In August, the company, via NBTC Limited, signed an agreement with KazDigital to build a data centre of 100 MW capacity.
With the tightening of rhetoric toward the crypto industry in China, many local companies have begun seeking other jurisdictions to host mining equipment. BIT Mining Limited has announced investments in mining in Kazakhstan, and Bitmain signed an agreement to deploy Antminer S19 Pro devices at a Kazakhstan data centre.
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