The9 took over Canadian Montcrypto
Chinese IT company The9 has signed an agreement to acquire Canadian green mining company Montcrypto. The latter's carbon-neutral infrastructure will help The9 obtain an environmentally friendly "power source" for its cryptocurrency mining business.
The controlling stake in the Canadian firm costs The9 C$7.6M (about $6M). The company intends to use most of the funds to finance the construction of a powerful 20 MW power source in the city of Calgary. According to preliminary estimates of experts, it will be enough for 6000 Antminer S19j miners.
The initiative was also supported by local authorities, who previously called on representatives of the cryptocurrency industry to achieve “neutrality” on the issue of carbon emissions. Once the power source from The9 reaches full capacity, annual CO2 emissions could be cut by 128,000 tonnes, Canadian analysts said.
The Chinese company plans to invest in another Canadian firm, Skychain Technologies, which is listed on the Toronto exchange. Following its funding, The9 expects to be able to increase the capacity of one of its existing data centers in Birtla, Canada's Manitoba province, from 20 MW to 32 MW. As soon as the modernization work is completed, The9 representatives intend to place their miners there.
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