{"id":34384,"date":"2021-01-06T16:06:17","date_gmt":"2021-01-06T14:06:17","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=34384"},"modified":"2025-08-28T20:16:46","modified_gmt":"2025-08-28T17:16:46","slug":"the9-to-enter-mining-industry-as-shares-jump-140","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/the9-to-enter-mining-industry-as-shares-jump-140\/","title":{"rendered":"The9 to enter mining industry as shares jump 140%"},"content":{"rendered":"

Nasdaq-listed The9 Ltd announced entry into the cryptocurrency mining industry. Within two days of the announcement, the Chinese internet company’s shares jumped 140%.<\/p>\n

The chart below shows NCTY rising from around $3.50 to $8.56 amid a surge in trading volumes.<\/p>\n

\"The9<\/p>\n

Data: Yahoo Finance<\/a>.<\/p>\n<\/div>\n

On the U.S. Securities and Exchange Commission site, The9 Ltd signed an agreement with several former directors of the mining hardware maker Canaan. The9 will issue Class A shares and warrants to them in exchange for helping to build the mining business, including the development of specialized hardware.<\/p>\n

Through the issuance of securities, the company intends to raise $34 million, creating NBTC Limited as a dedicated division for the new venture.<\/p>\n

\n

\u201cOur goal is to create mining devices for The9 that will generate 8% to 10% of the global Bitcoin hash rate, 10% \u2014 Ethereum and 10% \u2014 Grin,\u201d said The9 CEO Jun Zhu.<\/p>\n<\/blockquote>\n

Notably, shortly before the announcement The9 received a notification that its capitalization was insufficient for Nasdaq listing\u2014the threshold is $35 million.<\/p>\n

The9 Ltd was founded in 1999. It develops its own online games and distributes titles from other well-known developers in China. Previously The9 Ltd was the exclusive distributor in China of World of Warcraft, published by Blizzard.<\/p>\n

Since 2004 The9 Ltd has traded on Nasdaq. In 2018 the company diversified into blockchain projects. Specifically, The9 entities signed agreements with Gingkoo Technology and C&I Singapore Renewable and Innovative to develop projects based on distributed ledger technology, including renewable energy.<\/p>\n

The9 Ltd was the first investor in the blockchain Telegram (TON) project during the 2018 closed token offering (ICO). It purchased 5,297,257 tokens for $2 million. Subsequently the TON project closed amid SEC issues and returned $1.2 billion to investors.<\/p>\n

ForkLog reported<\/a> on the surge in the shares of mining companies Riot Blockchain, Marathon Patent Group and Canaan as Bitcoin’s price rose.<\/p>\n

Subscribe to ForkLog’s news on Twitter!<\/p>\n","protected":false},"excerpt":{"rendered":"

Nasdaq-listed The9 Ltd said it would enter the cryptocurrency mining industry. Within two days of the announcement, the Chinese internet company’s shares jumped 140%.<\/p>\n","protected":false},"author":1,"featured_media":34385,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1137,768,1211,2079],"class_list":["post-34384","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrency-mining","tag-nasdaq","tag-stock-market","tag-the9"],"aioseo_notices":[],"amp_enabled":true,"views":"23","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/34384","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=34384"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/34384\/revisions"}],"predecessor-version":[{"id":34386,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/34384\/revisions\/34386"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/34385"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=34384"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=34384"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=34384"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}