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Online game operator The Ninth City has cooperated with Kong Jianping, the former co-chairman of Canaan, and will carry out digital currency-related businesses

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Ninetowns has the right to receive investment funds and warrant exercise prices in the form of digital currency (including Bitcoin) in the final agreement.

Rhythm BlockBeats news, on January 4, the online game operator The Ninth City (hereinafter referred to as "The Ninetowns") announced that it has joined four people, Kong Jianping, the former co-chairman of Canaan Zhizhi ( hereinafter referred to as the partner) sign a legally responsible cooperation and investment terms agreement (Term Sheet), The9 will grant the partner shares and warrants in agreed installments, obtain the partner's cash investment, and exclusively assist The9 Carry out digital currency related business.

Ninetowns also announced the establishment of a wholly-owned subsidiary NBTC Limited, focusing on blockchain digital Currency related business. The partners include Kong Jianping, the former co-chairman of the digital currency mining machine company Jianan Zhizhi, Sun Qifeng, the former director, and Zhang Li, Li Enguang and other senior figures in the digital currency business field.

According to the terms of cooperation and investment, The9 will not only receive cash investment, but Kong Jianping and other partners will also do their best to assist Ninetowns develops related businesses centered on digital currency mining. Ninetowns will establish a digital currency mining machine group, and the expected goal is to contribute 8-10% of Bitcoin’s global computing power, 10% of Ethereum’s computing power and 10% of Grin’s computing power.

In addition to obtaining Ninetowns Class A common shares after signing stock certificates. The warrants will become effective when the value of the nine cities reaches US$100 million, US$300 million, US$500 million and US$1 billion respectively. When all the warrants are exercised, the investor will receive a total of 216,000,000 Class A ordinary shares of The9 (equivalent to 7,200,000 American Depositary Shares), and The9 will receive a total investment of US$34 million. Ninetowns has the right to receive investment funds and warrant exercise prices in the form of digital currency (including Bitcoin) in the final agreement.

Ninetowns chairman Zhu Jun said that Ninetowns had already started the business layout related to blockchain and digital currency. This time, we have cooperated with Mr. Kong Jianping and other digital currency industry veterans to actively implement related businesses in the digital currency field. Our goal is to build operations and achieve the highest digital currency in the world The digital currency mining business of computing power. In addition to leveraging the rich experience and resources of the partners and their teams in the field of digital currency mining machines and digital currency mining, in addition to starting the operation of mining machine groups with leading digital currency computing power in The9, it will also take advantage of the establishment of NBTC Limited, Accelerate the promotion of other digital currency related businesses.

Kong Jianping, one of the partners, said: We will assist Ninetowns to purchase cryptocurrency mining machines, including but not limited to Avalon Avalon mining machine, Antminer ant mining machine, Whatsminer Shenma mining machine and Ipollo pineapple mining machine, etc. At the same time, it will also invest in a professional team in Ninetowns to actively carry out various businesses in the field of digital currency.