QINGDAO, China, March 15, 2021 /PRNewswire/ -- SOS Limited
(NYSE: SOS) (the "Company" or "SOS") announced today that
it has successfully installed its second fleet of 5,000
cryptocurrency mining rigs. Together with its prior fleet of 5,000
mining rigs, the Company expects the combined fleet to have the
capacity to calculate an average of 353 Peta-Hashes per second
(PH/s) for mining Bitcoin and 707 Giga-Hashes per second (GH/s) for
mining Ether (ETH). These hash rates are subject to numerous
factors, including down time for maintenance, reconfiguration and
other variable factors that may materially impact computing
performance in the future.
The Company also announced that on February 24, 2021, it was awarded its first
Bitcoin from successful mining activities. SOS Chairman Yandai Wang
commented, "This is a significant milestone for our Company. To
memorialize this event, SOS is creating a commemorative gold coin
that will serve as a tangible representation of our first mined
Bitcoin. We anticipate that this will be the first of many future
mining successes, as we continue to execute our cryptocurrency
mining strategy."
The Company's board of directors also commissioned an
independent review of the Company's cryptocurrency mining
activities. As part of the review, payments from multiple mining
pools were traced to SOS through the public Bitcoin and ETH
blockchain ledgers. The review also validated SOS's control over
certain electronic wallets and that the rate of Bitcoin and ETH
payouts received in those wallets was generally consistent with the
expected productivity of the Company's deployed fleet based on its
hash rate capacity.
The Company expects to generate at least 41 Bitcoins and 909 ETH
in the first quarter of 2021, based on various assumptions relating
to down time for its fleet, worldwide hash power and other
operating conditions. SOS Chief Financial Officer Steven Li elaborated, "These expected mining
results reflect only a partial quarter of operations, since our
current fleet of mining rigs was only recently installed during the
first quarter. Our output should grow in future quarters as we
receive and install our third batch of mining rigs and have a full
quarter of operations for our current rigs."
These mining results do not include any financial results for
the Company and do not address the Company's other, non-mining
operations, such as the Company's marketing data, technology and
solutions for emergency rescue services. United States generally accepted accounting
principles for cryptocurrency mining are complex, emerging and
uncertain. Cryptocurrencies may not be recognized as cash or cash
equivalents, and mining activities may not qualify for revenue
recognition. Cryptocurrencies have no inherent value, are not legal
tender recognized by any governmental entity, and might not be able
to be converted into fiat currencies. Investors are advised not to
place undue reliance on mining results alone, without considering
other financial and non-financial metrics.
About SOS Limited
SOS is a high-technology company providing a wide range of
services to its corporate and individual members, including
marketing data, technology and solutions for emergency rescue
services. Recently, SOS began rolling out its cryptocurrency mining
business and plans to develop insurance and security management
solutions for digital assets and cryptocurrencies. SOS transforms
digital technology into data-driven operations through research and
development of big data, cloud computing, Internet of Things,
blockchain and artificial intelligence. The Company created an SOS
cloud emergency rescue software-as-a-service (SaaS) platform with
three major product categories: basic cloud (medical rescue card,
car rescue card, financial rescue card, mutual assistance rescue
card), cooperative cloud (information rescue center, intelligent
big data, intelligent software and hardware), and information cloud
(News Today, E-Commerce Today). The Company's corporate clients
include insurance companies, financial institutions, medical
institutions, healthcare providers, auto manufacturers, security
providers, senior living assistance providers and other service
providers in the emergency rescue services industry. For more
information, please visit: http://www.sosyun.com/.
Forward-Looking Statements
Certain statements in this press release may constitute
"forward-looking statements" within the meaning of the federal
securities laws, including, but not limited to, our expectations
for future financial performance, business strategies or
expectations for our business. These statements constitute
projections, forecasts and forward-looking statements, and are not
guarantees of performance. SOS cautions that forward-looking
statements are subject to numerous assumptions, risks and
uncertainties, which change over time. Words such as "may," "can,"
"should," "will," "estimate," "plan," "project," "forecast,"
"intend," "expect," "anticipate," "believe," "seek," "target,"
"look" or similar expressions may identify forward-looking
statements. Specifically, forward-looking statements may include
statements relating to the Company's:
- expected hash rate for its mining rigs;
- expected mining results for the first quarter of 2021;
- intention to grow and install more mining rigs;
- ability to execute its business plan;
- changes in the market for SOS' products and services; and
- expansion plans and opportunities.
These forward-looking statements are based on information
available as of the date of this press release and our management's
current expectations, forecasts and assumptions, and involve a
number of judgments, risks and uncertainties that may cause actual
results or performance to be materially different from those
expressed or implied by these forward-looking statements.
These risks and uncertainties include, but not are limited to,
the risk factors described by SOS in its filings with the
Securities and Exchange Commission ("SEC"). These risk factors and
those identified elsewhere in this press release, among others,
could cause actual results to differ materially from historical
performance and include, but are not limited to:
- SOS's cryptocurrency mining, security and insurance businesses
are still under development, with many uncertainties in research of
relevant technologies;
- failure to access a large quantity of power at reasonable costs
could significantly increase SOS operating expenses and adversely
affect our demand for SOS's mining machines;
- shortages in, or rises in the prices of mining machines may
adversely affect the Company's business;
- any significant or prolonged failure in the data warehouse
facilities and data mining facilities that SOS operates or services
it provides, including events beyond its control, would lead to
significant costs and disruptions and would reduce the
attractiveness of its facilities, harm its business reputation and
have a material adverse effect on its results of operation;
- security breaches or alleged security breaches of our data
warehouses could disrupt SOS operations and have a material adverse
effect on its business, financial condition and results of
operation; and
- Chinese government's policies and regulatory oversight of
crypto currency mining operation;
- other risks and uncertainties indicated in SOS's SEC reports or
documents filed or to be filed with the SEC by SOS.
Accordingly, forward-looking statements should not be relied
upon as representing our views as of any subsequent date, and you
should not place undue reliance on these forward-looking statements
in deciding whether to invest in our securities. We do not
undertake any obligation to update forward-looking statements to
reflect events or circumstances after the date they were made,
whether as a result of new information, future events or otherwise,
except as may be required under applicable securities laws.
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SOURCE SOS Limited