The SOS team began inspection, setup, and installation procedures as soon as the mining rigs arrived. The Company expects the pool of rigs to be able to produce around 177 Peta-Hashes per second (PH/s) for mining Bitcoin and 356 Giga-Hashes per second (GH/s) for mining Ethereum once this batch of mining rigs goes live (ETH). The long-term ROI (return on investment) is expected to be promising if the machines perform as expected. These hash rates are affected by a variety of factors, including downtime for repair, reconfiguration, and other variable factors that could have a significant effect on future computing efficiency.
The company confirms that mining operations in Q1 2021 resulted in the production of 42 Bitcoins and 916 Ethereum. This is for a quarter of service only. Steven Li, SOS’s Chief Financial Officer, elaborated, “These mining results cover the first quarter of operations, and the total number of Bitcoins and Ethereum is higher than we expected. As we complete the installation of our third batch of mining rigs and have full quarters of service, we expect our production to increase in future quarters.” Mr. Yandai Wang, Chairman of SOS, commented, “We believe that the general trend for cryptocurrencies will be bullish. We have completed the set-up of the cryptocurrency business in China at this stage. With the anticipated development of our cryptocurrency mining operation in the U.S., we believe that SOS’ cryptocurrency business will achieve significant results. We remain confident in our strategy to invest in crypto-currency operations.