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Taoping Inc. (NASDAQ: TAOP), a provider of blockchain technology and smart cloud services, today announces that it has signed a purchase agreement (the “Purchase Agreement”) with Hoover Investment Group Limited, a company focusing on blockchain investment and digital asset supply chain business in Hong Kong. Pursuant to the Purchase Agreement, TAOP will purchase 1,220 NVIDIA CMP 170HX mining cards scheduled to deliver starting from September 2021 for about $4.0 million.
NVIDIA CMP 170HX, a GPU dedicated to cryptocurrency mining, delivers an Ethereum hash rate up to 164 MH/s. The Company plans to use the purchased mining cards on its Ethereum mining business in Hong Kong and Kazakhstan. Upon the delivery of the mining cards under the Purchase Agreement, TAOP is expected to own an additional hash rate of 200GH/s before October 30, 2021.
Currently, TAOP’s Ethereum mining business has a total peak hash rate of 300GH/s, which can generate approximately 210 Ether per month. With the additional 200GH/s computing power purchased this time, total peak hash rate is expected to reach 500GH/s and to generate about 350 Ether per month by end of October. The Company intends to increase its computing power to a total of 1000GH/s by the end of 2021, and to generate about 700 Ether per month by then.
“We expect to continue to invest and acquire crypto mining machines to enhance our overall computing power and quickly increase our presence in digital currency market,” said Mr. Jianghuai Lin, Chairman and CEO of TAOP. “We believe our moves will add considerable value to the Company’s shareholders.”
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