Benzinga | Jan 11, 2022 08:32AM EST

Meten Highlights Start Of Prelim. Trial Operation Of Crypto Mining Business In Pennsylvania

Meten Holding Group Ltd. ("Meten Holding Group" or the "Company") (NASDAQ:METX), one of the leading omnichannel English language training ("ELT") service providers in China, today announced that it had started preliminary trial operation of the cryptocurrency mining business in Pennsylvania, U.S. Currently, the Company has procured 147 cryptocurrency mining machines with approximately total computing power of 14P, which have been put into commercial trial operation in Pennsylvania, U.S.

As part of the previously announced strategic partnership with AGM Group Holdings Inc. ("AGMH") (NASDAQ:AGMH), the Company purchased cryptocurrency mining machines from AGMH. Recently, AGMH has delivered 1,335 units of Bitcoin mining machines to the Company. In conjunction with the delivered units, the Company will be scaling up its mining machines to increase computing power capacity to reach 135P. The Company expects to have all miners are fully operational in January 2022, signaling the start of official operation of the cryptocurrency mining business.

Involving the cryptocurrency mining business is one of the Company's strategic plans to transform into a "Metaverse Technology Company" and this business is running smoothly at present. In addition, the Company has now started to build mines in Canada and the U.S. Looking forward, the Company expects to operate its mining business in these to-be-build mines in North America and provide custody services for other global mining units.