New Common (Newu), a Shenzhen-listed tools producer with a $400 million in market capitalization, has introduced a transfer into the Filecoin mining area.
In a disclosure filed to the Shenzhen Inventory Change on Tuesday, the agency mentioned it has signed a buying contract with Sesumg, a Jiangxi-based digital part producer.
As a part of the settlement, Newu is shopping for 580 million yuan ($90 million) value of computing and storage tools on the InterPlanetary File System (IPFS) community.
Within the first batch of supply, Sesumg will ship 500 models of computing and 100 models of storage tools to Newu. Newu boasted that the potential income from the Filecoin storage-based mining could possibly be as a lot as 119% of its 2019 income.
Based mostly on its previous filings, Newu made a internet revenue of $9.5 million on $74 million value of income in 2019, which primarily got here from the manufacturing and sale of commercial manufacturing facility tools.
That is the primary identified occasion the place a China-listed firm has moved into Filecoin mining.
In February, Chinese language gaming firm The9, which is listed on NASDAQ and already pivoted into bitcoin mining final 12 months, has mentioned it signed a $10 million agreement to buy Filecoin mining tools.
The Filecoin community presently has 3.322 exbibytes of efficient storage energy with a majority of the contribution coming from Chinese language corporations. FIL, the native cryptocurrency on the decentralized storage community, is now altering palms round $72, in keeping with information from CoinGecko.