SHENZHEN, Aug. 27, 2021 (GLOBE NEWSWIRE) — Taoping Inc. (NASDAQ: TAOP, the “Company” or “TAOP”), a supplier of blockchain know-how and sensible cloud providers, at the moment declares 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 set up 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 fuel exploration and improvement firm working in Kazakhstan, a wholly-owned subsidiary of Caspian Energy Inc. It holds an unique license which entitles it to discover and develop sure oil and fuel properties referred to as the “North Block”, an space of 1,916 sq. km, and a manufacturing contract for the realm referred to as “East Zhagabulak”. With a powerful business place and integration expertise, APC is in a position to guarantee high-quality utility-scale electrical energy provide at a low price 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 predicted to full inside three to six months. TDAA could have the precedence to deploy cryptocurrency mining machines owned by TDAA or its companions. The three way partnership will perform operation and upkeep of cryptocurrency mining machines in Kazakhstan. In addition, the three way partnership plans to lease out extra working capability to third events for added earnings.
On April 15, 2021, the Company introduced that it has signed a Bitcoin mining machine buy settlement with Bitmain Technologies Limited for the acquisition of Antminer S19j Pro Bitcoin mining machines with a complete hash charge of 300,000 TH/s. TAOP plans to ship these mining machines to Kazakhstan for deployment as soon as the development of the mining websites is accomplished.
“We proceed to search for international alternatives that may convey enterprise development. With year-round cool temperatures, low actual property and labor prices, and comparatively low vitality costs, Kazakhstan is changing into a crypto mining hub that at the moment ranks third on the planet in phrases of hash charge energy,” mentioned 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.
Taoping Inc. (TAOP) is an built-in group of know-how and monetary firms with enterprise in Mainland China, Hong Kong, and different abroad international locations. Relying on its distinctive strengths in cloud know-how and chip provide chain, TAOP supplies options and cloud providers to industries comparable to movie and tv manufacturing, training, new media, synthetic intelligence and asset administration. The Company is devoted to the analysis and software of blockchain know-how in addition to funding and administration of monetary property at dwelling and overseas. To study extra, please go to http://www.taop.com/.
Safe Harbor Statement
This press launch might include sure “forward-looking statements” relating 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 throughout the that means of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, typically recognized by the use of forward-looking terminologies comparable to “believes”, “expects” or comparable expressions, contain identified and unknown dangers and uncertainties. Although the Company believes that the expectations mirrored in these forward-looking statements are affordable, they do contain assumptions, dangers and uncertainties, and these expectations might show to be incorrect. Investors shouldn’t place undue reliance on these forward-looking statements, which communicate solely as of the date of this press launch. The Company’s precise outcomes might differ materially from these anticipated in these forward-looking statements because of this of a spread of elements, together with these mentioned within the Company’s periodic studies which are 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 appearing on their behalf are expressly certified of their entirety by these elements. Other than as required beneath the securities legal guidelines, the Company doesn’t assume an obligation to replace these forward-looking statements.
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