This morning the Taoping Inc (NASDAQ: TAOP) stock is on the move and has already soared by 14% in the first few minutes of trading.
The rally in the tech stock came about after it emerged that it signed a purchase agreement with Bitmain Technologies with regards to the purchase of Antminer S19j Pro Bitcoin mining machines. The total value of the order has been pegged at around $24 million and the delivery of the order is going to start at some point in August this year.
The Chairman and Chief Executive Officer of Taoping, Jianghuai Lin, is going to provide a line of credit to the company in order to facilitate the purchase. The S19j Pro is the latest variant of the Bitmain Antminer that was launched by Bitmain this month and has a hash rate of 100 TH/s. In addition to that, these machines have also recorded a low energy efficiency ratio of 30 J/TH.
Biotech, Tech, and Crypto reporter
Anthony Gonzales brings 3 years of experience in helping grassroots, mid-sized organizations and large institutions strengthen their management and resource generating capacities and effectively plan for the future. He is also a mentor and professional advisor to artists working in all disciplines. He is the gold medalist from St. Marco University of Science and Technology in the Bachelors of Financial Management as well.