Taoping inks mining cards purchase agreement for additional 200GH/s hash rate

Taoping (NASDAQ:TAOP) trades 5.3% higher premarket after it signed a purchase agreement with Hoover Investment, a company focusing on blockchain investment and digital asset supply chain business in Hong Kong. Post the agreement, TAOP will purchase 1,220 NVIDIA CMP 170HX mining cards scheduled to deliver starting from September 2021 for ~$4M. NVIDIA CMP 170HX, a GPU dedicated to cryptocurrency mining, delivers an Ethereum hash rate up to 164 MH/s. The company plans to use the purchased mining cards on its Ethereum mining business in Hong Kong and Kazakhstan. On delivery, TAOP is expected to own an additional hash rate of 200GH/s before Oct.30; current TAOP's Ethereum mining business has a total peak hash rate of 300GH/s, which can generate approximately 210 Ether/month. With current purchase, total peak hash rate is expected to reach 500GH/s and to generate ~350 Ether/month by October-end. Taoping targets to increase its computing power to 1000GH/s by 2021-end, and to generate ~700 Ether/month