China-based internet company The9 Limited has announced that it has made some moves to purchase 26,007 Bitcoin mining machines to diversify its business into cryptocurrencies.

According to a press release on its website, The9 signed five Memorandums of Understanding with five Bitcoin mining machines owners to purchase mining machines which are expected to have a total hash rate of approximately 549 petahashes per second (PH/S).

The9 subsidiary NBCT will be in charge of the mining machines.

The Nasdaq listed company said that majority of the mining machines have already been deployed in Xinjiang, Sichuan and Gansu in China.

The current price of bitcoin is $31,718.58, declining by 7.96% in the last 24 hours. Bitcoin has a current market cap of $590.29B and market volume of $47.41B. In the last 24 hours, bitcoin has dropped to $30,875.63 and experienced a $34,615.45 high.  Currently, 18,611,068.75 bitcoins are in circulation.

Stats and Image from Coin Desk

The9 will issue an undisclosed amount of Class A ordinary shares to the five owners of the Bitcoin mining machines. The Class A shares to be issued will have a proportionate value of the mining machines.

The9 will employ the expertise of the former Director and Co-Chairman of the first Bitcoin mining machine manufacturer listed on Nasdaq Mr Jianping Kong and other partners to help in setting up and running the new mining business.

The9 Limited is a Shanghai-based online game operator with headquarters in Pudong, Shanghai, in China.