State-owned ZJBC, a Shenzhen-traded company, plans to buy WhatsMiner ASIC miners from MicroBT for $ 155 million.
ZJBC was founded in 1997 as a telecommunications firm. Now the company is engaged in information technology and financial services, and its capitalization is estimated at $ 900 million. At the same time, about 2.8% of these funds belong to the state. Thus, thanks to the purchase of miners, the Chinese government will also receive profits from the mining of cryptocurrencies.
“Deliveries will be made in the next two years. We expect MicroBT to provide at least 20,000 devices in the first year, and the first batch of 2,000 miners should be delivered by May 2021, ”ZJBC said in a statement.
Note that the chairman of the board of ZJBC is the Chinese entrepreneur Wu Ying, who has a long interest in cryptocurrencies and was an early investor in MicroBT. In addition, in 2018, ZJBC subsidiary Changshi Telecommunication began providing services for building and maintaining mining farms.
In early March, the Israeli company Bitfarms purchased 48,000 cryptocurrency mining devices from MicroBT. Deliveries are expected only in January 2022.
Telegram channel!
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.