The9 Opens a Coinbase Depositary Account to Support Mining Operations

In an announcement earlier today, Chinese gaming company The9 Limited has named Coinbase custody as the custodian of its legacy digital assets, including Bitcoin. Coinbase Custody is a wholly owned subsidiary of Coinbase Global Inc and provides an enterprise-grade offline cold storage solution. The9 Announces Coinbase Surveillance Account for Crypto Storage According to The9, it will invest some of the mined cryptocurrency to continue its risk mitigation and management policies. The company will continue to distribute its cryptos with other cold storage wallets to ensure minimal vulnerability. The company will start with 200 BTC that will be stored in the segregated cold storage account at Coinbase Custody. More deposits will be made when The9 starts mining more crypto. The9 Moves to Bitcoin Mining, Acquires AvalonMiners In April, The9 announced that it has agreed to purchase 2,000 bitcoin mining machines called AvalonMiners with a total hash rate of 100 PH/S for approximately $6.72 million in stock. The company had to sign a legally binding Memorandum of Understanding (MOU) with an unrelated owner of the Bitcoin mining machine to purchase the mining machines by issuing Class A common stock. According to the MOU, The9 will issue approximately 8,127,390 A common shares (equivalent to 270,913 ADS) to vendors based on The9 share price of $24.81 prior to MOU, with a 6-month lock-in period. The company also announced that it has completed the signing of final agreements for 12,246 Bitcoin mining machines with a total hash rate of approximately 288PH/S. The9's Crypto Pivot Continues To Acquire Crypto Mining Company In June, The9 also agreed to acquire and control Canada-based carbon neutral crypto mining company Montcrypto. They pledged CAD 7.6 million (US$ 6 million) to purchase controlling stakes in the company. The money will help finance a 20MW electricity supply in Calgary, Canada, enough to provide more energy.

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