Meten Holding Group Ltd. Provides Updates On Its Cryptocurrency Business

Author: Benzinga Newsdesk | February 16, 2022 09:20am

Meten Holding Group Ltd. ("Meten Holding Group" or the "Company") (NASDAQ:METX), one of the leading omnichannel English language training ("ELT") service providers in China, today provided an update on the Company's cryptocurrency business.

To date, the Company has put 867 mining machines into operation, consisting of 147 mining machines purchased in small batches and 720 mining machines purchased from AGM Group Holdings Inc. ("AGMH") (NASDAQ:AGMH). The remaining 615 mining machines purchased from AGMH are expected to be deployed and put into operation by the end of this month. The Company currently has a total of 1482 units of Bitcoin mining machines with a computing power of approximately 150PH/s.

In addition, the Company has recently purchased 600 XP mining machines from Bitmain Technologies Ltd. ("Bitmain") with an aggregate computing power of approximately 100PH/s. These mining machines are expected to be delivered in the second half of this year.

The Company has made significant progress with its cryptocurrency business, which is one of the core businesses of the Company's strategic transformation in 2022. The Company intends to continue to develop its cryptocurrency business through purchasing more mining machines. The Company expects that maintaining and operating these mining machines in a safe and robust way will help the Company with its financial stability and long-term growth.

Mr. Alan Peng, Chief Executive Officer of Meten Holding Group commented: "We are excited to see the progress we have made so far and the potential for our cryptocurrency business to grow in the long term. With the recent purchases and the plan to further increase the number of mining machines, we are committed to the cryptocurrency business and aim to continue to improve our financial conditions as well as maximizing value for our shareholders.

Posted In: AGMH METX