The9 Inks Three Chia Cryptocurrency Mining Machine Purchase Agreements For $5.7M - The9 (NASDAQ:NCTY)

The9 Ltd NCTY inked Chia (XCH) cryptocurrency mining machine purchase and cloud service leasing agreements with three separate vendors, worth an aggregate sum of over $5.7 million.
The9 will procure 130 Pebibytes Netspace and join the ecological construction of Chia cryptocurrency, also known as the "Green Bitcoin Alternative," under the arrangement.
The9 had previously invested in Bitcoin, Filecoin mining machines, and Chia is the third type of cryptocurrency mining employed by The9.
Chia was created by BitTorrent inventor Bram Cohen. It was developed through a powerful, easy-to-audit and secured new intelligent transaction programming language called Chialisp.
Chia uses a proof of space and time (POST) consensus algorithm.
Users can use the remaining hard disk space in the storage device for transactional verification with relatively lower computing power and electricity consumption, rendering Chia a higher green and environmentally friendly blockchain technology.
Chia's main network went live on March 19 and was opened to exchange its cryptocurrency XCH with other cryptocurrencies on May 4.
XCH is listed for trading on the Huobi and OKEx exchanges.
Price action: NCTY shares traded higher by 6.77% at $14.35 in the premarket session on the last check Friday.