Code Chain New Continent (CCNC) Enters Agreement with Bitmain to Buy 2,000 Antminer S19j for ~$10M

March 8, 2021 9:23 AM EST

Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.

Code Chain New Continent Limited (NASDAQ: CCNC) gained 12% in pre-open trading after the company announced that the execution of a purchase agreement with Bitmain Technologies Limited. Per the Agreement, Code Chain will purchase 2,000 Antminer S19j (90 TH/s) from Bitmain for $10,034,000.00, which are expected to be delivered by October 31, 2021.

Founded in 2013, Bitmain is a privately-owned company headquartered in Beijing, China. The company engages in application-specific integrated circuit chips for bitcoin mining, high-density server equipment, and large-scale parallel computing software. Bitmain is also an operator of Antpool, one of the largest Bitcoin mining pools. With offices located in China, the US, Israel, the Netherlands, and Switzerland, Bitman serves customers worldwide.

David (Weidong) Feng, Co-CEO of Code Chain, commented, "Given this equipment purchase agreement with the leading mining operator, Code Chain is well-positioned to achieve rapid growth in our cryptocurrency mining business. We are enthusiastic about the progress we have made since our initial cryptocurrencies expansion announcement. As we await the arrival of these best-in-class miners, we expect the purchased miners to generate remarkable value to the Company in its mining operations and its shareholders."

Serious News for Serious Traders! Try Premium Free!

You May Also Be Interested In

Related Categories

Corporate News, Momentum Movers, Trader Talk

Related Entities

Bitcoin, Pre Market Movers