TL;DR Breakdown
• Crypto Mining in Kazakhstan may be the solution that TAOP seeks to expand its operations.
• TAOP wants to start the Bitcoin mining project before the end of the year.
Blockchain-powered company Taoping recently announced its plans to sign an agreement to pursue crypto mining. TAOP seeks to work with Aral Petroleum Company (APC), a company in Kazakhstan, to meet its goals in crypto exploration.
Under the agreement, Taoping will own 51 percent of the shares while APC will have the remaining 49 percent. Both companies in Asia signed a memorandum of understanding to commence their crypto plans.
Crypto mining agreement will benefit Taoping
The Kazakhstan company, Aral Petroleum Capital (APC), is a Caspial Energy subsidiary, an oil and gas exploration company in Central Asia. The natural resource exploration agency has a good reputation in its work, so it is in Taoping’s best interest to complete the agreement.
This agreement would benefit TAOP because the APC power supply is of good quality and low price. Crypto Mining consumes a lot of energy, therefore many companies link to power plants with affordable services.
Taoping seeks to invest in crypto mining headquarters that support about 100 MW to downgrade several cryptos per month. The company wants to start with the first phase of the project to have 30 MW to start with crypto mining.
TAOP and APC will keep the crypto-machines inside Kazakhstan. Besides that, the APC company wants to rent the excess capacity to other companies to earn some additional money.
Taoping prepares for crypto-mining
On the 15th of April, Taoping Digital Assets announced that it bought several machines for crypto mining from Bitmain Technologies Limited. The company obtained the Antminer S19J Pro version crypto-machines for the Bitcoin decryption. This crypto-mining machine has a hash quota that exceeds 300,000 TH per second, which promises incredible performance.
Taoping wants to bring these cryptocurrency machines to Kazakhstan to include them in the APC project. Taopind Digital Assets CEO Jianghuai Lin thinks the company is looking for new opportunities to enhance its business growth. Lin believes this partnership with APC could help them meet their solid earnings and expansion goals.
The TAOP company wants to get the most out of crypto mining, so they seek to create the best companies with energy. Maybe the Kazakhstan power plant will allow the crypto company to increase its Bitcoin mining rate per year, bringing a lot of profit.
There is no exact figure on the crypto mining work previously performed by TAOP, but according to speculation, the company had a previous low Bitcoin extraction. With this partnership between TAOP and APC, the Bitcoin mining company may improve its annual returns by 1000 percent.
