SHENZHEN, Aug. 30, 2021 (GLOBE NEWSWIRE) — Taoping Inc. (NASDAQ: TAOP, the “Company” or “TAOP”), a supplier of blockchain know-how and sensible cloud providers, as we speak declares that it has signed a purchase order settlement (the “Purchase Agreement”) with Hoover Investment Group Limited, an organization specializing in blockchain funding and digital asset provide chain enterprise in Hong Kong. Pursuant to the Purchase Agreement, TAOP will buy 1,220 NVIDIA CMP 170HX mining playing cards scheduled to ship ranging from September 2021 for about $4.0 million.
NVIDIA CMP 170HX, a GPU devoted to cryptocurrency mining, delivers an Ethereum hash charge as much as 164 MH/s. The Company plans to make use of the bought mining playing cards on its Ethereum mining enterprise in Hong Kong and Kazakhstan. Upon the supply of the mining playing cards underneath the Purchase Agreement, TAOP is anticipated to personal a further hash charge of 200GH/s earlier than October 30, 2021.
Currently, TAOP’s Ethereum mining enterprise has a complete peak hash charge of 300GH/s, which may generate roughly 210 Ether per 30 days. With the extra 200GH/s computing energy bought this time, whole peak hash charge is anticipated to succeed in 500GH/s and to generate about 350 Ether per 30 days by finish of October. The Company intends to extend its computing energy to a complete of 1000GH/s by the top of 2021, and to generate about 700 Ether per 30 days by then.
“We count on to proceed to speculate and purchase crypto mining machines to reinforce our total computing energy and rapidly enhance our presence in digital foreign money market,” stated Mr. Jianghuai Lin, Chairman and CEO of TAOP. “We consider our strikes will add appreciable worth to the Company’s 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 nations. Relying on its distinctive strengths in cloud know-how and chip provide chain, TAOP supplies options and cloud providers to industries corresponding to movie and tv manufacturing, schooling, new media, synthetic intelligence and asset administration. The Company is devoted to the analysis and utility of blockchain know-how in addition to funding and administration of economic belongings at dwelling and overseas. To be taught extra, please go to http://www.taop.com/.
Safe Harbor Statement
This press launch could comprise sure “forward-looking statements” regarding the enterprise of Taoping Inc., and its subsidiaries and different consolidated entities. All statements, aside from statements of historic truth 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 way of forward-looking terminologies corresponding 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 could show to be incorrect. Investors shouldn’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 elements, together with these mentioned within the Company’s periodic stories which might be filed with the Securities and Exchange Commission and accessible 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 underneath the securities legal guidelines, the Company doesn’t assume an obligation to replace these forward-looking statements.
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