coindesk.com
Nasdaq-listed crypto miner The9 (NCTY) bought a data center in Kyrgyzstan where it will install 7,500 Bitmain Antminer S19j bitcoin mining rigs, the firm said in a press release on Wednesday.
The data center, acquired by The9's wholly-owned subsidiary NBTC Limited and Kyrgyzstan firm SolarCoin LLC., will be be powered by 31.5 megawatts (MW) and will contribute 675 petahash/second of computing power, the press release said.
The firm expects development to finish in July and electricity to cost $0.05 per kilowatt hour, according to the press release.
Under the agreement, The9 will acquire ownership of 31.5 MW of transformers, along with their supporting low-voltage equipment, plant, network equipment, and the right to use the facility's high-voltage equipment and land.
The9 has seen its shares plummet in the last six months, along with other crypto mining stocks. NCTY shares traded on the Nasdaq have lost almost 90% of their value, plunging from $11.55 on Nov. 11 to $1.48 at market close on Tuesday.
Originally an internet firm with operations in China, The9 entered crypto mining at the start of 2021. Following China's ban on the industry, it set up operations in Kazakhstan, Canada, and the U.S. It also launched a marketplace for non-fungible tokens.
Read more: Kazakhstan Orders Crypto Miners to Register With Authorities