TAOP Establishes New Subsidiary in Kazakhstan to Invest in Cryptocurrency Mining Data Center Construction
HONGKONG, Oct. 27, 2021 (GLOBE NEWSWIRE) -- Taoping Inc. (NASDAQ: TAOP, the “Company” or “TAOP”), a provider of blockchain technology and smart cloud services, today announced that its subsidiary, Taoping Capital Limited, established a wholly-owned Kazakh subsidiary, Kazakh Taoping Data Center Co. Ltd. (“Kazakh Taoping”), to invest in the construction of cryptocurrency mining data center in Kazakhstan.
Kazakh Taoping’s main business is expected to be managing the construction of a cryptocurrency mining data center in Kazakhstan. According to the project plan, Kazakh Taoping intends to complete the first phase of the construction of the cryptocurrency mining data center with a total capacity of 40MW within six months. With a covered area of about 269,000 square feet, the data center is expected to be able to deploy about 10,000 S19 Antminers. The board of directors of the Company has approved a $3.2 million investment in Kazakh Taoping for the construction of the cryptocurrency mining data center project.
“The establishment of Kazakh Taoping is of great significance to our overseas business expansion,” said Mr. Jianghuai Lin, Chairman and CEO of TAOP. “Kazakhstan is a growing hub for cryptocurrency mining, we believe the completion and operation of the project will create greater value for our shareholders and clients.”
About Taoping Inc.
Taoping Inc. (TAOP) is a blockchain technology and smart cloud services provider. The Company provides cloud-based ads display terminal, digital advertising distribution network and new media resource sharing platform in the Out-of-Home advertising market in China. TAOP is also dedicated to the research and application of blockchain technology and digital assets, a new business segment the Company initiated in 2021. With multiple cloud data center deployed overseas, the Company continues to improve computing power and create value for the encrypted digital currency industry. Relying on its self-developed smart cloud platform, TAOP provides solutions and cloud services to industries such as new media and artificial intelligence. To learn more, please visit .
Safe Harbor Statement
This press release may contain certain "forward-looking statements" relating to the business of Taoping Inc., and its subsidiaries. All statements, other than statements of historical fact included herein, are "forward-looking statements" in nature within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, often identified by the use of forward-looking terminologies such as "believes", "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website (). All forward-looking statements attributable to the Company and its subsidiaries or persons acting on their behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
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Taoping Inc.
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