Nasdaq-listed company The9 has signed an agreement to take over green mining company Montcrypto.
The9 will invest C $ 7.6 million ($ 6.26 million) in two phases.
The partners will build a 20 MW carbon-neutral mining center in Calgary, Canada.
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Natural gas is used as a source of electricity. Montcrypto has previously entered into the necessary agreements with local mining companies. Mobile and modular installations of mining equipment will be located near oil wells, where they will ensure the extraction, processing, and conversion of fuel into energy.
The initiative will support the authorities' call for the cryptocurrency mining industry to achieve carbon neutrality. When the facility reaches its full capacity, it is estimated that annual CO2 emissions will be reduced by 128 thousand tons.
The9 will also invest in mining company Skychain Technologies, which is listed on the VC section of the Toronto Stock Exchange. The funding received will allow the latter to expand the capacity of the data center in Birtla (Manitoba, Canada) from 20 MW to 32 MW. Upon completion of the refurbishment of the facility, The9 will deploy its equipment there.