|
| Friday, 27 August 2021, 22:30 HKT/SGT | |
| |
|
|
|
HONG KONG, Aug 27, 2021 - (ACN Newswire) - Taoping Inc. (NASDAQ: TAOP, the "Company" or "TAOP"), a provider of blockchain technology and smart cloud services, today announces that its wholly-owned subsidiary Taoping Digital Assets (Asia) Limited ("TDAA") and a Kazakhstan company Aral Petroleum Capital LLP ("APC") have signed a memorandum of understanding ("MOU") to establish a joint venture in Kazakhstan, of which TDAA and APC will own 51% and 49%, respectively. TDAA will control the board of directors of the joint venture.
APC is an oil and gas exploration and development company operating in Kazakhstan, a wholly-owned subsidiary of CaspianEnergy Inc. It holds an exclusive license which entitles it to explore and develop certain oil and gas properties known as the "North Block", an area of 1,916 square km, and a production contract for the area known as "East Zhagabulak". With a strong industry position and integration experience, APC is able to ensure high-quality utility-scale electricity supply at a low cost to the joint venture.
The joint venture plans to invest and build cryptocurrency mining sites with a total capacity of 100MW, the first stage construction of 30 MW is expected to complete within three to six months. TDAA will have the priority to deploy cryptocurrency mining machines owned by TDAA or its partners. The joint venture will carry out operation and maintenance of cryptocurrency mining machines in Kazakhstan. In addition, the joint venture plans to rent out excess operating capacity to third parties for additional income.
On April 15, 2021, the Company announced that it has signed a Bitcoin mining machine purchase agreement with Bitmain Technologies Limited for the purchase of Antminer S19j Pro Bitcoin mining machines with a total hash rate of 300,000 TH/s. TAOP plans to deliver these mining machines to Kazakhstan for deployment once the construction of the mining sites is completed.
"We continue to look for global opportunities that can bring business growth. With year-round cool temperatures, low real estate and labor costs, and relatively low energy prices, Kazakhstan is becoming a crypto mining hub that currently ranks 3rd in the world in terms of hash rate power," said Mr. Jianghuai Lin, Chairman and CEO of TAOP, "We are working actively to capture current unique opportunity of the rapidly changing cryptocurrency mining environment to create value for shareholders."
About Taoping Inc.
Taoping Inc. (TAOP) is an integrated group of technology and financial companies with business in Mainland China, Hong Kong, and other overseas countries. Relying on its unique strengths in cloud technology and chip supply chain, TAOP provides solutions and cloud services to industries such as film and television production, education, new media, artificial intelligence and asset management. The Company is dedicated to the research and application of blockchain technology as well as investment and management of financial assets at home and abroad. To learn more, please visit http://www.taop.com/.
Safe Harbor Statement
This press release may contain certain "forward-looking statements" relating to the business of Taoping Inc., and its subsidiaries and other consolidated entities. All statements, other than statements of historical fact included herein, are "forward-looking statements" in nature within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, often identified by the use of forward-looking terminologies such as "believes", "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company and its subsidiaries and other consolidated entities or persons acting on their behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
Topic: Press release summary
Sectors: Crypto, Exchange, Blockchain Technology, FinTech
https://www.acnnewswire.com
From the Asia Corporate News Network
Copyright © 2026 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
|
|
|
|
|
|
|
| |
Latest Press Releases
Mitani Sangyo Filed U.S. Patent Application for AI Reliability Governance Framework
Thursday, April 16, 2026 11:00:00 PM
|
|
|
Datavault AI Goes Live with First Edge GPU Sites in New York and Philadelphia; $1.44B-$1.92B Quantum-Ready Fleet to Reach 100+ U.S. Cities by End of 2026
Apr 16, 2026 21:50 HKT/SGT
|
|
|
TANAKA PRECIOUS METAL NEXT Certified as a Special Subsidiary
Thursday, April 16, 2026 8:00:00 PM
|
|
|
InnoEX and Electronics Fair (Spring Edition) attract over 88,000 global buyers
Apr 16, 2026 19:58 HKT/SGT
|
|
|
Focus Graphite Appoints Former Chief of the Defence Staff General Wayne Eyre to Advisory Board
Apr 16, 2026 17:58 HKT/SGT
|
|
|
Isuzu and Toyota to Jointly Develop Japan's First Mass-produced Light-duty Fuel Cell Electric Truck
Thursday, April 16, 2026 2:53:00 PM
|
|
|
Honda to Begin Sales of All-new Insight EV
Thursday, April 16, 2026 2:31:00 PM
|
|
|
3 Years and 11 Months! 'AI+All-in-One PV Storage' Sigenergy Listed on HKEX: Fastest IPO Record for a Chinese Enterprise
Apr 16, 2026 11:31 HKT/SGT
|
|
|
GMG Doubles Energy Density of 6 Minute Charging Graphene Aluminium-Ion Battery
Apr 15, 2026 19:59 HKT/SGT
|
|
|
Hitachi Energy and Samsung C&T expand strategic collaboration to accelerate grid infrastructure and reinforce energy security
Wednesday, April 15, 2026 5:17:00 PM
|
|
|
|
|
More Press release >> |
|
|
|
