Share this article
Chinese Miner The9 Reserves Facilities From Russia's BitRiver
Facing regulatory pressure at home, The9 is looking to locate elsewhere.
Updated Sep 14, 2021, 1:24 p.m. Published Jul 13, 2021, 9:44 a.m.
Nasdaq-listed The9 became the latest Chinese mining firm to pack its bags after a regulatory crackdown.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The Shanghai-based company reserved 15 megawatts of capacity in a 300MW hydro-powered facility of Russia's BitRiver, according to a press release. The two-year agreement includes an option to extend for a further year.
Originally an online gaming company, The9 pivoted to mining in January 2021 with the purchase of 2,000 machines when bitcoin prices were soaring and many Chinese U.S.-listed firms were jumping into crypto.
Read more: Chinese Bitcoin Mining Company Delivers First Machines to Kazakhstan
Online gambling firm 500.com entered the industry around the same time, later changing its name to BIT Mining. It has also relocated, moving its rigs to Kazakhstan following regulatory pressure.
In May, China's State Council called for a crackdown on bitcoin mining to "control financial risk." Provincial authorities in Inner Mongolia and Sichuan banned mining after the announcement, and mining firms have been scrambling to move thousands of rigs abroad.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Crypto Markets Today: Traders Seek Catalysts After Bitcoin’s Post-Fed Pullback
The crypto market slipped to the lower end of its range after the Federal Reserve’s 25bps rate cut failed to spark fresh momentum.
What to know:
- BTC is trading near $90,350 after defending the $88,200 support zone, but momentum remains capped below the key $94,500 resistance level.
- Implied volatility fell to its lowest since November, ETH/BTC IV spreads widened, and risk reversals stayed negative across tenors while open interest declined—most sharply in ADA.
- Low-liquidity conditions dragged tokens like ETHFI, FET, ADA and PUMP down more than 8%, while privacy-focused XMR stood out with gains as the broader altcoin season index slumped to 19/100.
Top Stories
