The9 Limited (Nasdaq: NCTY) (‘The9’), an established Internet company, today announced that it has signed a legally binding Memorandum of Understanding (‘MOU’) for the acquisition of 70% equity of Hangzhou SuanLi Technology Co., Ltd. (‘Interhash’), a Software-as-a-Service (‘SaaS’) cryptocurrency cloud mining company. Subject to due diligence and valuation to be carried out by an independent valuation firm, the acquisition consideration is about US$7 million. By issuing Class A ordinary shares based on the closing market price of US$82.89 prior to the signing of the MOU, The9 will pay the acquisition consideration.
Established in June 2019, Interhash is a comprehensive one-stop platform that provides global users with crypto-currency mining-related management services. Users can place an order to use the services with one click, which saves users from participating in the complex cryptocurrency mining process, including the purchase, installation and hosting of cryptocurrency mining machines. Interhash’s team are all veterans with long-term industry experience and resources who have been involved in the blockchain industry in the early days, especially in the field of cryptocurrency mining. AvalonMiners, AntMiners, WhatsMiners, Ipollo miners and Ebit miners for users have been managed by Interhash. Under Interhash’s management, the cumulative Bitcoin hash rate is roughly 590PH/S. Interhash’s goal is to become a leading cryptocurrency cloud mining blockchain SaaS company using the team’s long-term experience and resources in the cryptocurrency mining industrial chain.
After the continuous purchase of Bitcoin and other cryptocurrency mining machines for the accumulation of cryptocurrency assets, The9’s acquisition of Interhash is a strategic action to expand its cryptocurrency mining business. In addition to its current centralized cryptocurrency mining business, The9 aims to further provide users with decentralized cryptocurrency cloud mining services. Such one-stop mining provides an easy entry point for cryptocurrency cloud mining for global users, and allows global users to share the advantages of cryptocurrencies.