QINGDAO, China, April 14, 2021 /PRNewswire/ — SOS Limited (NYSE: SOS) (the “Company” or “SOS”) introduced the receipt of the beforehand introduced, third batch of 5464 cryptocurrency mining rigs.
Immediately upon supply of the mining rigs, the SOS group kicked off inspection, configuration and set up procedures. Once this batch of mining rigs go reside, the Company expects that the pool of rigs will be capable 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 function as anticipated, the long-term ROI (return on funding) is projected to be promising. These hash charges are topic to quite a few elements, together with down time for upkeep, reconfiguration and different variable elements that will materially impression computing efficiency 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 outcomes replicate the first quarter of operations, and the quantity of Bitcoins and Ethereum are larger than what we initially anticipated. We count on our output to develop in future quarters as we full the set up of our third batch of mining rigs and have full quarters of operation.”
These mining outcomes don’t embrace any monetary outcomes for the Company and don’t handle the Company’s different, non-mining operations, similar to the Company’s advertising and marketing information, expertise and options for emergency rescue providers. United States usually accepted accounting ideas for cryptocurrency mining are advanced, rising and unsure. Cryptocurrencies might not be acknowledged as money or money equivalents, and mining actions might not qualify for income recognition. Cryptocurrencies don’t have any inherent worth, aren’t authorized tender acknowledged by any governmental entity, and won’t be capable to be transformed into fiat currencies. Investors are suggested to not place undue reliance on mining outcomes alone, with out contemplating different monetary and non-financial metrics.
Mr. Yandai Wang, Chairman of SOS, commented, “We imagine that the common pattern for cryptocurrencies can be bullish. We have accomplished the set-up of the cryptocurrency enterprise in China at this stage. With the anticipated growth of our cryptocurrency mining operation in the U.S., we imagine that SOS’ cryptocurrency enterprise will obtain vital outcomes. We stay assured in our technique to spend money on crypto-currency operations.
About SOS Limited
SOS is an rising blockchain-based and huge data-driven advertising and marketing and answer supplier, with a nationwide membership base of roughly 20 million in China. Recently, SOS has outlined its technique in blockchain and cryptocurrencies, which embrace a sequence of initiatives to increase its enterprise into cryptocurrency mining in addition to cryptocurrency safety and insurance coverage. The core infrastructure of SOS’ advertising and marketing information, expertise and options to insurance coverage and emergency rescue providers is constructed on huge information, blockchain-based expertise, cloud computing, AI, satellite tv for pc, and 5G community, and so forth. SOS has created a cloud “software program as a service (SaaS)” platform for emergency rescue providers, with three main product classes: fundamental cloud, cooperative cloud, and data cloud. This system supplies revolutionary advertising and marketing options to shoppers similar to insurance coverage corporations, monetary establishments, medical establishments, healthcare suppliers, auto producers, safety suppliers, senior residing help suppliers, and different service suppliers in the emergency rescue providers business.
SOS has obtained a nationwide high-tech enterprise certification and the title of “Big Data Star Enterprise,” awarded by Gui’an New District Government. Staying on the forefront of digital expertise innovation, the Company has registered 99 software program copyrights and 2 patents. For extra data, please go to: http://www.sosyun.com/ .
Certain statements on this press launch might represent “forward-looking statements” inside the that means of the federal securities legal guidelines, together with, however not restricted to, our expectations for future monetary efficiency, enterprise methods or expectations for our enterprise. These statements represent projections, forecasts and forward-looking statements, and aren’t ensures of efficiency. SOS cautions that forward-looking statements are topic to quite a few assumptions, dangers and uncertainties, which change over time. Words similar to “might,” “can,” “ought to,” “will,” “estimate,” “plan,” “mission,” “forecast,” “intend,” “count on,” “anticipate,” “imagine,” “search,” “goal,” “look” or related expressions might establish forward-looking statements. Specifically, forward-looking statements might embrace statements regarding the Company’s:
- anticipated hash fee for its mining rigs;
- anticipated mining outcomes for the second quarter of 2021;
- intention to develop and set up extra mining rigs;
- capability to execute its marketing strategy;
- adjustments in the marketplace for SOS’ merchandise and providers; and
- enlargement plans and alternatives.
These forward-looking statements are primarily based on data accessible as of the date of this press launch and our administration’s present expectations, forecasts and assumptions, and contain a quantity of judgments, dangers and uncertainties that will trigger precise outcomes or efficiency to be materially totally different from these expressed or implied by these forward-looking statements.
These dangers and uncertainties embrace, however not are restricted to, the threat elements described by SOS in its filings with the Securities and Exchange Commission (“SEC”). These threat elements and these recognized elsewhere on this press launch, amongst others, may trigger precise outcomes to vary materially from historic efficiency and embrace, however aren’t restricted to:
- SOS’s cryptocurrency mining, safety and insurance coverage companies are nonetheless underneath growth, with many uncertainties in analysis of related applied sciences;
- failure to entry a big amount of energy at affordable prices may considerably enhance SOS working bills and adversely have an effect on our demand for SOS’s mining machines;
- shortages in, or rises in the costs of mining machines might adversely have an effect on the Company’s enterprise;
- any vital or extended failure in the information warehouse services and information mining services that SOS operates or providers it supplies, together with occasions past its management, would result in vital prices and disruptions and would scale back the attractiveness of its services, hurt its enterprise fame and have a fabric hostile impact on its outcomes of operation;
- safety breaches or alleged safety breaches of our information warehouses may disrupt SOS operations and have a fabric hostile impact on its enterprise, monetary situation and outcomes of operation; and
- Chinese authorities’s insurance policies and regulatory oversight of crypto foreign money mining operation;
- different dangers and uncertainties indicated in SOS’s SEC experiences or paperwork filed or to be filed with the SEC by SOS.
Accordingly, forward-looking statements shouldn’t be relied upon as representing our views as of any subsequent date, and you shouldn’t place undue reliance on these forward-looking statements in deciding whether or not to spend money on our securities. We don’t undertake any obligation to replace forward-looking statements to replicate occasions or circumstances after the date they had been made, whether or not consequently of new data, future occasions or in any other case, besides as could also be required underneath relevant securities legal guidelines.
SOURCE SOS Limited