by Rushali 
The9 (NCTY) a publicly-traded Chinese gaming company, has announced that they have an agreement to buy 26,007 bitcoin ASICs, under their plan to launch a cryptocurrency mining initiative.
NBTC is a The9 subsidiary that will own and operate the machines, which are expected to total 549 petahashes per second (PH/s) of hash power.
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The firm says that the mining machines are already being developed in Xinjiang, Sichuan, and Gansu.
As per a press release, Canaan’s (CAN) former director, Jianping Kong, will also help the Shanghai-based Internet company launch and maintain its cryptocurrency mining operations.
Details of earlier bought machines are not disclosed, but The9 said it signed five separate memorandums of understanding (MOUs) to secure the machines.
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The company is planning to issue shares for these new expenses, but how many shares are to be issued is not known.
With this news, the shares of the company had seen an 18% rally on Monday, the current trading price is around $13.
