SOS Limited (SOS) Launches 6,039 Mining Rigs as it Scales Up Cryptomining Operations

SOS Limited (NYSE: SOS) (the "Company" or "SOS") announced today that 6,039 mining rigs received over the past month have all been put into operation, including a batch of 575 Ethereum (ETH) mining rigs received on May 7, 2021, and another batch of 5,464 rigs from the third and final installation of our rig purchase received in April.

The 575 ETH rigs are expected to generate approximately 400 GH/s and the 5,464 rigs are expected to generate an aggregate of approximately 177 PH/s for mining Bitcoin (BTC) and 356 GH/s for mining ETH.

Currently, across all mining fleet operations, SOS' total capacity is expected to generate approximately 527 PH/s for mining BTC and 1,456 GH/s for mining ETH. SOS currently gets over 90% of its energy for mining operations from renewable sources.

If the mining operations perform as expected and the long-term price trends of applicable cryptocurrencies continue, the return on investment (ROI) 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.

Mr. Yandai Wang, CEO of SOS, commented, "With the completion of Phase I of the Leibodong mine and continued expansion of our mining fleet, we are pleased with the progress on our digital currency business plan, based on blockchain technology. The launch of our mining business has provided valuable experience to our team, and is expected to be an important driver of growth in 2021 and beyond."

You May Also Be Interested In

• Whirlpool (WHR) to cut 1,000 jobs - CFO Jim Peters
• Beneficient (BENF) Responds to Claims Made by GWG Litigation Trustee
• Rimini Street (RMNI) Appoints Steve Hershkowitz as Chief Revenue Officer