NEW YORK, Dec. 7, 2021 /PRNewswire/ -- Code Chain New
Continent Limited (the "Company" or "Code
Chain") (NASDAQ: CCNC), a vertically integrated cryptocurrency
miner, today provided a business update for key operational
developments. The Company plans to expand its mining operation
to a global scale through a strategy that follows current mining
migration.
The United States is now the number one destination for
Bitcoin miners, eclipsing China
for the first time ever. According to the Cambridge Centre for
Alternative Finance, the United
States owns one-third of Bitcoin's hash rate, a 428%
increase from September 2020.
Following positive momentum in mining farm initiatives in
North America, specifically in the
Houston area in the United States, CCNC is rapidly expanding
Bitcoin mining to North America.
The Company is enthusiastic about the prospects for its mining
production. In addition to the recent 10,000 KOI miner
purchase order with AGMH, we have further explored and entered a
pre-commitment with MinerVA
Semiconductor Corp. mining farm in Houston for 10,000 units capacity. The
commitment is subject to payment of $5.6m deposits by January
31, 2022. The MinerVa
Semiconductor Corp. farm is operational and will allow our mining
machines to generate positive value starting the second quarter of
2022.
MinerVa Semiconductor Corp. is
the exclusive distributor of the industrial grade crypto miners to
leading large scale mining companies in the world. MinerVa Semiconductor Corp. has strong
relationships and resources within the Fintech and Blockchain
ecosystems, and is providing top-tier end to end technology
solutions to leading global blockchain players like Terawulf Inc.
and TrueNorth Data Solutions.
Mr. Tingjun Yang, CEO of CCNC,
commented, "2022 will be a significant year as we move our mining
operations toward a global scale. Together with our key partners
from MinerVA, we are confident to execute our growth
strategy to link the valuable resources from Bitcoin and Filecoin
business, as well as further strengthen diversity to reduce risks.
I look forward to working with our leadership team to unlock new
growth opportunities to enhance shareholder returns and ensure we
remain well-positioned for future success."
About Code Chain New Continent Limited
Code Chain New Continent Limited engages in the research,
design, and development of electronic tokens that combine the
five-W elements (when, where, who, why, what), geographic location
via the Beidou satellite system, and identity information using
Code Chain technology. The electronic tokens are unique, tradable,
and inheritable digital assets and cannot be tampered with. The
electronic tokens are based on and stored in the Code Chain system
and can be used to monitor and document all kinds of consumer
behaviors that involve code-scanning. The Company has recently
diversified its business into Bitcoin mining and is committed to
becoming a vertically integrated cryptocurrency miner.
Safe Harbor Statements
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995, including certain plans, expectations, goals, and
projections, which are subject to numerous assumptions, risks, and
uncertainties. These forward-looking statements may include, but
are not limited to, statements containing words such as "may,"
"could," "would," "plan," "anticipate," "believe," "estimate,"
"predict," "potential," "expects," "intends", "future" and
"guidance" or similar expressions. These forward-looking statements
speak only as of the date of this press release and are subject to
change at any time. These forward-looking statements are based upon
management's current expectations and are subject to a number of
risks, uncertainties and contingencies, many of which are beyond
the Company's control that may cause actual results, levels of
activity, performance or achievements to differ materially from any
future results, levels of activity, performance or achievements
expressed or implied by such forward-looking statements. The
Company's actual results could differ materially from those
contained in the forward-looking statements due to a number of
factors, including those described under the heading "Risk Factors"
in the Company's public filings with the Securities and
Exchange Commission, including the Company's annual report on 10-K.
The Company undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required under applicable
law.
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SOURCE Code Chain New Continent Limited