• Wed. Jun 22nd, 2022

Meten Holding Group Ltd. provides updates on its digital currency business

ByHazel R. Lang

Jun 6, 2022

Shenzhen, China, June 6, 2022 /PRNewswire/ — Meten Holding Group Ltd. (“Meten Holding Group” or the “Company”) (NASDAQ: METX), an omnichannel training company headquartered in China providing language and workplace training services and actively developing metaverse, blockchain and cryptocurrency mining businesses, today provided updates on the company’s digital currency business.

To date, the Company has commissioned 1,482 mining machines with a cumulative computing power of 150 PH/s. Moreover, as mentioned earlier in February 2022, the company purchased 600 XP mining machines from Bitmain Technologies Ltd. with an overall computing power of around 100 PH/s. These mining machines are expected to be delivered and commissioned in the second half of 2022. In addition, the Company is actively seeking opportunities to acquire mining machines currently in service, as the Company’s objective is to achieve a power of overall calculation of 600PH. /s to 800PH/s by the end of this year.

From May 31, 2022, the company mined a total of 30.63709267 bitcoins. With the Company’s improved computing power and operational efficiency, the Company expects to achieve higher mining yields in the future. In an effort to retain its digital currency assets for the long term, the Company will continue to expand the scale of its digital currency business.

Mr. Jason ZhaoChairman of Meten Holding Group, said, “As the company is evolving into a metaverse-focused technology company, the digital currency business is an indispensable aspect for us to achieve the transformation. We are committed to investing in mining machines to increase our computing power and improve our operational efficiency. Our goal is to retain and operate these mining machines for the long term and to steadily increase the size of our mining machine fleet. We believe this approach will help us strengthen our finances and generate more value for our shareholders.”

About Meten Holding Group Ltd.

Meten Holding Group Ltd., formerly known as Meten EdtechX Education Group Ltd., is an omnichannel education company headquartered in China offering language and workplace training services. In addition to its training services, Meten Holding Group is actively developing metaverse, blockchain and cryptocurrency mining businesses to align with its future business development strategy. Meten Holding Group is committed to developing blockchain-related business in North America, including mining cryptocurrency, building mining farms, and operating a mining pool and data center. Meten Holding Group actively explores metaverse business such as Metaverse professional training courses with its competitive advantages and technology.

For more information, please visit: https://investor.metenedu-edtechx.com.

Safe Harbor Statement

This announcement contains forward-looking statements that involve risks and uncertainties. These statements are made pursuant to the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by words such as “will”, “expect”, “anticipate” , “future”, “intends”, “plans”, “believes”, “estimates” and similar statements. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including, but not limited to, the following: the future development and ability of the Company to succeed in its new range of digital currency activities; the continued impact of the COVID-19 pandemic and the emergence of new variants; our ability to attract students without a significant drop in tuition fees; our ability to continue to hire, train and retain qualified teachers; our ability to maintain and improve our brands; our ability to effectively and efficiently manage the expansion of our school network and successfully execute our growth strategy; the outcome of any pending or future litigation or arbitration, including those relating to copyright and other intellectual property rights; competition in the English language training industry in China; changes in our revenues and certain cost or expense items as a percentage of our revenues; the expected growth of the Chinese English training and private education market; Chinese government policies relating to private educational services and providers of such services; health epidemics and other epidemics in China; and general economic conditions in China. The Company undertakes no obligation to update any forward-looking statement, except as required by applicable law. All information provided in this press release and in the attachments speaks as of the date of this press release, and the Company assumes no obligation to update such information except as required by applicable law.

For investor and media inquiries, please contact:

Ascent Investor Relations LLC
Tina Xiao
+1 917-609-0333
[email protected]

SOURCEMeten Holding Group Ltd.

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