TAOP Signs Memorandum Of Understanding To Establish Cryptocurrency Mining Joint

TAOP Signs Memorandum Of Understanding To Establish Cryptocurrency Mining Joint

HONG KONG, Aug 27, 2021 – (ACN Newswire) – Taoping Inc.
(NASDAQ: TAOP, the “Company” or “TAOP”), a supplier of
blockchain expertise and sensible cloud providers, at present
publicizes that its wholly-owned subsidiary Taoping Digital
Assets (Asia) Limited (“TDAA”) and a Kazakhstan firm Aral
Petroleum Capital LLP (“APC”) have signed a memorandum of
understanding (“MOU”) to ascertain a three way partnership in
Kazakhstan, of which TDAA and APC will personal 51% and 49%,
respectively. TDAA will management the board of administrators of
the three way partnership.

APC is an oil and gasoline exploration
and growth firm working in Kazakhstan, a
wholly-owned subsidiary of CaspianEnergy Inc. It holds an
unique license which entitles it to discover and develop
sure oil and gasoline properties generally known as the “North Block”,
an space of 1,916 sq. km, and a manufacturing contract for
the realm generally known as “East Zhagabulak”. With a robust trade
place and integration expertise, APC is ready to guarantee
high-quality utility-scale electrical energy provide at a low value
to the three way partnership.

The three way partnership plans to
make investments and construct cryptocurrency mining websites with a complete
capability of 100MW, the primary stage building of 30 MW is
anticipated to finish inside three to 6 months. TDAA will
have the precedence to deploy cryptocurrency mining machines
owned by TDAA or its companions. The three way partnership will carry
out operation and upkeep of cryptocurrency mining
machines in Kazakhstan. In addition, the three way partnership plans
to hire out extra working capability to 3rd events for
further revenue.

On April 15, 2021, the Company
introduced that it has signed a Bitcoin mining machine
buy settlement with Bitmain Technologies Limited for the
buy of Antminer S19j Pro Bitcoin mining machines with a
whole hash fee of 300,000 TH/s. TAOP plans to ship these
mining machines to Kazakhstan for deployment as soon as the
building of the mining websites is accomplished.

proceed to search for international alternatives that may deliver
enterprise progress. With year-round cool temperatures, low actual
property and labor prices, and comparatively low power costs,
Kazakhstan is turning into a crypto mining hub that presently
ranks third on the planet when it comes to hash fee energy,” stated
Mr. Jianghuai Lin, Chairman and CEO of TAOP, “We are working
actively to seize present distinctive alternative of the
quickly altering cryptocurrency mining surroundings to create
worth for shareholders.”

About Taoping Inc.
Inc. (TAOP) is an built-in group of expertise and
monetary firms with enterprise in Mainland China, Hong
Kong, and different abroad nations. Relying on its distinctive
strengths in cloud expertise and chip provide chain, TAOP
offers options and cloud providers to industries comparable to
movie and tv manufacturing, schooling, new media,
synthetic intelligence and asset administration. The Company is
devoted to the analysis and utility of blockchain
expertise in addition to funding and administration of economic
belongings at dwelling and overseas. To study extra, please go to http://www.taop.com/.

Harbor Statement
This press launch might comprise sure
“forward-looking statements” referring to the enterprise of
Taoping Inc., and its subsidiaries and different consolidated
entities. All statements, aside from statements of
historic reality included herein, are “forward-looking
statements” in nature inside the that means of the Private
Securities Litigation Reform Act of 1995. These
forward-looking statements, typically recognized by means of
forward-looking terminologies comparable to “believes”, “expects”
or related expressions, contain identified and unknown dangers and
uncertainties. Although the Company believes that the
expectations mirrored in these forward-looking statements
are cheap, they do contain assumptions, dangers and
uncertainties, and these expectations might show to be
incorrect. Investors mustn’t place undue reliance on
these forward-looking statements, which converse solely as of the
date of this press launch. The Company’s precise outcomes
may differ materially from these anticipated in these
forward-looking statements on account of quite a lot of
components, together with these mentioned within the Company’s periodic
reviews which might be filed with the Securities and Exchange
Commission and out there on its web site (http://www.sec.gov).
All forward-looking statements attributable to the Company
and its subsidiaries and different consolidated entities or
individuals performing on their behalf are expressly certified in
their entirety by these components. Other than as required
underneath the securities legal guidelines, the Company doesn’t assume a
responsibility to replace these forward-looking

© Scoop Media


Recommended For You

About the Author: Daniel