SMI Vantage and The9 Strengthen Partnership in Bitcoin Mining and AI Collaboration

Author: Benzinga Newsdesk | August 02, 2024 05:15am

SMI Vantage Limited (SGX: Y45) ("SMI" or the "Company"), a company listed on the mainboard of the SGX and The9 Limited (NASDAQ:NCTY) ("The9"), is pleased to announce the signing of a Cooperation Agreement to strengthen their partnership in Bitcoin (BTC) mining and identify new opportunities for collaboration in artificial intelligence while building on the existing relationship between the 2 companies.

Key highlights of the agreement:

1. SMI Vantage plans to host up to 100 of The9's bitcoin machines that have processing power above 120 Terahashes per second (120 TH and above) at its East Malaysia facilities.

2. SMI Vantage will explore for the benefit of both parties new digital mining locations in Southeast Asia and the Middle East, targeting facilities with 5 MW power supply (capacity for 2,000 machines and above).

3. The companies will look for opportunities to collaborate on AI technology opportunities, further to The9's recent investments in retail and educational AI technologies.
 

Posted In: NCTY