Code Chain New Continent Limited Announces Purchasing of 10,000 Bitcoin Mining Machines
Code Chain New Continent Limited (CCNC)
Company Research
Source: PR Newswire
NEW YORK, Feb. 23, 2021 /PRNewswire/ -- Code Chain New Continent Limited (the "Company" or "Code Chain") (NASDAQ: CCNC), a leading eco-technology company, today announced that the Company has entered into a purchase agreement (the "Agreement") with Chengdu RiZhanYunJisuan Co., Ltd. (the "Seller") pursuant to which the Company will purchase 10,000 Innosilicon T2T Bitcoin mining machines for approximately RMB 40 million (approximately USD 6.2 million). The closing of the transaction is subject to the completion of final valuation and due diligence by the Company. Under the term of the Agreement, a total consideration of RMB 40 million to acquire 10,000 Innosilicon T2T mining machines will be paid on the closing date. Upon the completion, the purchased machines will be stored and managed by the Seller. The daily net profit earned by miners will be deposited into the Company's digital account. Addition performance bonus in the form of Company's shares shall be granted to the Seller based
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