Home Cryptocurrency News SOS Installs Second Batch of 5,000 Cryptocurrency Miners and Gives First Quarter Mining Projections – PRNewswire

SOS Installs Second Batch of 5,000 Cryptocurrency Miners and Gives First Quarter Mining Projections – PRNewswire

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QINGDAO, China, March 15, 2021 /PRNewswire/ — SOS Restricted (NYSE: SOS) (the “Firm” or “SOS”) introduced as we speak that it has efficiently put in its second fleet of 5,000 cryptocurrency mining rigs. Along with its prior fleet of 5,000 mining rigs, the Firm expects the mixed fleet to have the capability to calculate a mean of 353 Peta-Hashes per second (PH/s) for mining Bitcoin and 707 Giga-Hashes per second (GH/s) for mining Ether (ETH). These hash charges are topic to quite a few components, together with down time for upkeep, reconfiguration and different variable components which will materially affect computing efficiency sooner or later.

The Firm additionally introduced that on February 24, 2021, it was awarded its first Bitcoin from profitable mining actions. SOS Chairman Yandai Wang commented, “It is a vital milestone for our Firm. To memorialize this occasion, SOS is making a commemorative gold coin that can function a tangible illustration of our first mined Bitcoin. We anticipate that this would be the first of many future mining successes, as we proceed to execute our cryptocurrency mining technique.”

The Firm’s board of administrators additionally commissioned an impartial evaluate of the Firm’s cryptocurrency mining actions. As a part of the evaluate, funds from a number of mining swimming pools had been traced to SOS by the general public Bitcoin and ETH blockchain ledgers. The evaluate additionally validated SOS’s management over sure digital wallets and that the speed of Bitcoin and ETH payouts acquired in these wallets was typically in line with the anticipated productiveness of the Firm’s deployed fleet primarily based on its hash price capability.

The Firm expects to generate no less than 41 Bitcoins and 909 ETH within the first quarter of 2021, primarily based on numerous assumptions referring to down time for its fleet, worldwide hash energy and different working circumstances. SOS Chief Monetary Officer Steven Li elaborated, “These anticipated mining outcomes mirror solely a partial quarter of operations, since our present fleet of mining rigs was solely lately put in in the course of the first quarter. Our output ought to develop in future quarters as we obtain and set up our third batch of mining rigs and have a full quarter of operations for our present rigs.”

These mining outcomes don’t embrace any monetary outcomes for the Firm and don’t deal with the Firm’s different, non-mining operations, such because the Firm’s advertising and marketing knowledge, know-how and options for emergency rescue companies. United States typically accepted accounting rules for cryptocurrency mining are advanced, rising and unsure. Cryptocurrencies might not be acknowledged as money or money equivalents, and mining actions could not qualify for income recognition. Cryptocurrencies haven’t any inherent worth, will not be authorized tender acknowledged by any governmental entity, and won’t have the ability to be transformed into fiat currencies. Buyers are suggested to not place undue reliance on mining outcomes alone, with out contemplating different monetary and non-financial metrics.

About SOS Restricted

SOS is a high-technology firm offering a variety of companies to its company and particular person members, together with advertising and marketing knowledge, know-how and options for emergency rescue companies. Not too long ago, SOS started rolling out its cryptocurrency mining enterprise and plans to develop insurance coverage and safety administration options for digital belongings and cryptocurrencies. SOS transforms digital know-how into data-driven operations by analysis and growth of huge knowledge, cloud computing, Web of Issues, blockchain and synthetic intelligence. The Firm created an SOS cloud emergency rescue software-as-a-service (SaaS) platform with three main product classes: primary cloud (medical rescue card, automotive rescue card, monetary rescue card, mutual help rescue card), cooperative cloud (info rescue middle, clever massive knowledge, clever software program and {hardware}), and data cloud (Information At the moment, E-Commerce At the moment). The Firm’s company shoppers embrace insurance coverage firms, monetary establishments, medical establishments, healthcare suppliers, auto producers, safety suppliers, senior residing help suppliers and different service suppliers within the emergency rescue companies trade. For extra info, please go to: http://www.sosyun.com/.

Ahead-Wanting Statements

Sure statements on this press launch could represent “forward-looking statements” inside the which means of the federal securities legal guidelines, together with, however not restricted to, our expectations for future monetary efficiency, enterprise methods or expectations for our enterprise. These statements represent projections, forecasts and forward-looking statements, and will not be ensures of efficiency. SOS cautions that forward-looking statements are topic to quite a few assumptions, dangers and uncertainties, which change over time. Phrases akin to “could,” “can,” “ought to,” “will,” “estimate,” “plan,” “challenge,” “forecast,” “intend,” “count on,” “anticipate,” “imagine,” “search,” “goal,” “look” or comparable expressions could establish forward-looking statements. Particularly, forward-looking statements could embrace statements referring to the Firm’s:

  • anticipated hash price for its mining rigs;
  • anticipated mining outcomes for the primary quarter of 2021;
  • intention to develop and set up extra mining rigs;
  • capability to execute its marketing strategy;
  • adjustments out there for SOS’ services and products; and
  • enlargement plans and alternatives.

These forward-looking statements are primarily based on info out there as of the date of this press launch and our administration’s present expectations, forecasts and assumptions, and contain plenty of judgments, dangers and uncertainties which will trigger precise outcomes or efficiency to be materially completely different from these expressed or implied by these forward-looking statements.

These dangers and uncertainties embrace, however not are restricted to, the chance components described by SOS in its filings with the Securities and Alternate Fee (“SEC”). These threat components and people recognized elsewhere on this press launch, amongst others, may trigger precise outcomes to vary materially from historic efficiency and embrace, however will not be restricted to:

  • SOS’s cryptocurrency mining, safety and insurance coverage companies are nonetheless underneath growth, with many uncertainties in analysis of related applied sciences;
  • failure to entry a big amount of energy at cheap prices may considerably enhance SOS working bills and adversely have an effect on our demand for SOS’s mining machines;
  • shortages in, or rises within the costs of mining machines could adversely have an effect on the Firm’s enterprise;
  • any vital or extended failure within the knowledge warehouse amenities and knowledge mining amenities that SOS operates or companies it gives, together with occasions past its management, would result in vital prices and disruptions and would scale back the attractiveness of its amenities, hurt its enterprise popularity and have a fabric antagonistic impact on its outcomes of operation;
  • safety breaches or alleged safety breaches of our knowledge warehouses may disrupt SOS operations and have a fabric antagonistic impact on its enterprise, monetary situation and outcomes of operation; and
  • Chinese language authorities’s insurance policies and regulatory oversight of crypto foreign money mining operation;
  • different dangers and uncertainties indicated in SOS’s SEC reviews or paperwork filed or to be filed with the SEC by SOS.

Accordingly, forward-looking statements shouldn’t be relied upon as representing our views as of any subsequent date, and you shouldn’t place undue reliance on these forward-looking statements in deciding whether or not to spend money on our securities. We don’t undertake any obligation to replace forward-looking statements to mirror occasions or circumstances after the date they had been made, whether or not because of new info, future occasions or in any other case, besides as could also be required underneath relevant securities legal guidelines.

SOURCE SOS Restricted

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