SINGAPORE, Aug 2, 2024 – (ACN Newswire) – SMI Vantage Limited (SGX: Y45) (“SMI” or the “Company”), a company listed on the mainboard of the SGX and The9 Limited (Nasdaq: NCTY) (“The9”), is pleased to announce the signing of a Cooperation Agreement to strengthen their partnership in Bitcoin (BTC) mining and identify new opportunities for collaboration in artificial intelligence while building on the existing relationship between the 2 companies.
Key highlights of the agreement:
1. SMI Vantage plans to host up to 100 of The9’s bitcoin machines that have processing power above 120 Terahashes per second (120 TH and above) at its East Malaysia facilities.
2. SMI Vantage will explore for the benefit of both parties new digital mining locations in Southeast Asia and the Middle East, targeting facilities with 5 MW power supply (capacity for 2,000 machines and above).
3. The companies will look for opportunities to collaborate on AI technology opportunities, further to The9’s recent investments in retail and educational AI technologies.
Mark Bedingham, CEO of SMI Vantage, commented: “This agreement deepens our partnership with The9 and aligns with our strategy to expand our digital-mining operations. It also opens up opportunities for us in SAAS related businesses by identifying possible opportunities with our partners The9. This collaboration expands on the companies’ existing relationship, which includes SMI’s previous acquisition of digital-mining machines from The9.”
The cooperation agreement takes effect on August 1st, 2024.
About SMI Vantage
SMI Vantage Limited is an investment and management company focused on capitalising on strong trends in the new economy including Food and Beverage related businesses, technology-based SaaS services and other high-tech platforms. Listed on the Main Board of the Singapore Stock Exchange, SMI Vantage Limited has a highly capable and experienced management team with a proven track record in building strong business partnerships and alliances.
About The9 Limited
The9 Limited (The9) is an Internet company listed on Nasdaq in 2004. The9 aims to become a global diversified high-tech Internet company and is engaged in blockchain business including the operation of cryptocurrency mining. The9 is also stepping into AI application business in different industries.
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Topic: Press release summary