Xiangtai Foods subsidiary spends nearly $6 million to purchase cryptocurrency miners

According to reports, on January 6, PLIN.US, a listed company on the US stock market, announced that its subsidiary SonicHash US had signed a purchase agreement with HashCow LLC. SonicHash US purchased 686 cryptocurrency miners for a total purchase price of US$5,995,640. According to the agreement, the newly purchased mining machines are expected to be delivered to the company's mine in Carthage, New York, within two to three weeks. With all miners fully operational, the company's total mining business is expected to include 1,428 Bitcoin miners. For $49,628 per bitcoin in the past month, the company expects to generate approximately $11 million in revenue in the first year. According to the service agreement signed between YCD Petawatt Holdings LLC and SonicHash US on December 23, 2021, YCD will provide management and maintenance services in its facilities, including but not limited to rack space, electricity, and Internet connection. This service agreement is valid for 12 months, after which it will be automatically renewed for 12 months. In addition, SonicHash US will pay YCD an electricity fee of US$0.08 per kilowatt and a one-time fee of US$99 per unit. YCD can notify SonicHash US of 90 days to terminate the service agreement.