The9 Ltd Stock Price, News & Analysis

The9 Limited (NASDAQ: NCTY) filed its annual report for the fiscal year 2020 with the SEC on March 29, 2021. The report includes audited financial statements accessible on both the SEC’s and The9’s investor relations website. In January 2021, The9 entered an agreement to develop its cryptocurrency mining business, issuing shares and warrants. Significant purchases include 24,000 Antminer S19j machines for $82.8 million, contributing to a projected hash rate of 3,558PH/s by October 2022, with expected daily Bitcoin rewards of 15. The company is also investing in Filecoin mining.

The9 Limited (Nasdaq: NCTY) announced the signing of a second purchase agreement with Shenzhen MicroBT Electronics for 482 WhatsMiner M31S+ machines. This deal follows a strategic framework agreement made in February, aiming for a total acquisition of 5,000 mining machines within one year. Each machine operates at a hash rate of approximately 80-86TH/s, leading to an overall increase of around 40 PH/s in The9's Bitcoin hash rate. This expansion highlights The9's commitment to enhancing its capabilities in the cryptocurrency mining sector.

The9 Limited (Nasdaq: NCTY) announced a significant agreement to purchase 24,000 Antminer S19j Bitcoin mining machines from Bitmain Technologies Limited. Deliveries are set to commence in November 2021. The Antminer S19j, launched in February 2021, offers a hash rate of 90TH/s with a power consumption of 3,100W. This acquisition is expected to enhance The9's hash rate by approximately 2,160PH/S, marking a critical step towards the company's goal of increasing its mining capacity.

On March 15, 2021, The9 Limited (Nasdaq: NCTY) announced the appointment of Mr. Wang Wei as Vice President of its subsidiary, NBTC Limited. Mr. Wang, a blockchain industry pioneer, will oversee global operations and management of cryptocurrency mining machines at NBTC. He has previously led maintenance and after-sales for Canaan Technology, managing hundreds of thousands of mining machines. Under his leadership, NBTC aims to enhance operational efficiency and safety in cryptocurrency mining, furthering The9's global hash rate goals by acquiring Bitcoin and Filecoin mining machines.

The9 Limited (NASDAQ: NCTY) announced a conference call and webcast on March 30, 2021, at 8:00 AM ET to discuss its 2020 unaudited financial results and developments in its cryptocurrency mining business. The financial results will be released on March 29, 2021. Interested parties can join the call via various toll-free numbers based on their location, and a live webcast will also be available. The9 aims to diversify its operations in the high-tech Internet sector.

The9 Limited (Nasdaq: NCTY) announced the signing of three MOUs to purchase 10,252 Bitcoin mining machines, including AvalonMiner, AntMiner, and WhatsMiner, by issuing approximately 5,883,750 Class A ordinary shares. This transaction is valued at US$38.51 per share, with a lock-up period of six months. The total hash rate from these machines is approximately 192PH/S. A valuation firm will assess the fair market value of the machines, and adjustments to the share issuance may occur accordingly.

The9 Limited (Nasdaq: NCTY) has appointed Cai Zhifang as CEO of its subsidiary, NBTC Limited, to spearhead blockchain and cryptocurrency initiatives. Mr. Cai, a pioneer in the blockchain sector, co-founded YiBit Digital Technology in 2013 and managed significant Bitcoin mining operations, accounting for nearly 5% of the global hash rate at its peak. His leadership aims to leverage NBTC's partnerships to enhance The9's position in the cryptocurrency market. Notably, The9 established NBTC earlier this year and has begun acquiring mining equipment.

The9 Limited (Nasdaq: NCTY) has signed a memorandum of understanding to acquire 70% equity in Hangzhou SuanLi Technology Co., Ltd. (Interhash) for approximately US$7 million. The payment will be made via Class A ordinary shares based on a prior closing market price of US$82.89. Established in 2019, Interhash offers cryptocurrency mining management services and aims to be a leading provider in the blockchain SaaS sector. This acquisition aligns with The9's strategy to enhance its cryptocurrency mining operations and provide decentralized services to users worldwide.

The9 Limited (Nasdaq: NCTY) announced a US$10 million framework agreement with a Filecoin mining machine vendor to purchase mining equipment in cash. The company has previously acquired and deployed mining machines, now owning an independent node on the Filecoin blockchain and achieving 8 Pebibytes of effective storage mining power. Future purchases will depend on Filecoin price trends and its economic model. The9 aims to diversify as a high-tech Internet company.