SOS Limited (SOS) Announces Receipt of the Third Batch of Crypto Mining Rigs and First Quarter Mining Results
- Dow ends at record high, Nasdaq falls as tech slides
- Trump's Facebook (FB) Ban Upheld, Oversight Board Asks Company to Come Up With a 'Proportionate Response' Going Forward
- PayPal (PYPL) Tops Q1 EPS by 21c, Offers Q2 and FY Guidance
- Peloton (PTON) Plunges After Recalling All Treadmills, Analyst Says Will Negatively Impact Broader Tread Rollout
- T-Mobile (TMUS) Gains After Topping Q1 Consensus as 5G Story Accelerates, 'More to Come' Says Analyst
Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.
SOS Limited (NYSE: SOS) (the "Company" or "SOS") announced the receipt of the previously announced, third batch of 5464 cryptocurrency mining rigs.
Immediately upon delivery of the mining rigs, the SOS team kicked off inspection, configuration and installation procedures. Once this batch of mining rigs go live, the Company expects that the pool of rigs will be able to generate about 177 Peta-Hashes per second (PH/s) for mining Bitcoin and 356 Giga-Hashes per second (GH/s) for mining Ethereum (ETH). If the machines operate as expected, the long-term ROI (return on investment) is projected to be promising. These hash rates are subject to numerous factors, including down time for maintenance, reconfiguration and other variable factors that may materially impact computing performance in the future.
The Company confirms mining operations in Q1 2021, have generated 42 Bitcoins and 916 ETH. This is for a partial quarter of operation. SOS Chief Financial Officer Steven Li elaborated, "These mining results reflect the first quarter of operations, and the number of Bitcoins and Ethereum are higher than what we originally anticipated. We expect our output to grow in future quarters as we complete the installation of our third batch of mining rigs and have full quarters of operation."
These mining results do not include any financial results for the Company and do not address the Company's other, non-mining operations, such as the Company's marketing data, technology and solutions for emergency rescue services. United States generally accepted accounting principles for cryptocurrency mining are complex, emerging and uncertain. Cryptocurrencies may not be recognized as cash or cash equivalents, and mining activities may not qualify for revenue recognition. Cryptocurrencies have no inherent value, are not legal tender recognized by any governmental entity, and might not be able to be converted into fiat currencies. Investors are advised not to place undue reliance on mining results alone, without considering other financial and non-financial metrics.
Mr. Yandai Wang, Chairman of SOS, commented, "We believe that the general trend for cryptocurrencies will be bullish. We have completed the set-up of the cryptocurrency business in China at this stage. With the anticipated development of our cryptocurrency mining operation in the U.S., we believe that SOS' cryptocurrency business will achieve significant results. We remain confident in our strategy to invest in crypto-currency operations.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Bragar Eagel & Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against SOS Limited, Canoo, Kadmon Holdings, and Multiplan Corporation and Encourages Investors to Contact the
- DHI Group (DHX) Misses Q1 EPS by 1c
- Royal Gold (RGLD) Tops Q3 EPS by 5c
Create E-mail Alert Related CategoriesCorporate News
Related EntitiesEarnings, Bitcoin
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!