QINGDAO, China, March 15, 2021 / PRNewswire / – SOS Limited (NYSE: SOS) (the “Company” or “SOS”) today announced that it has successfully installed its second fleet of 5,000 cryptocurrency mining platforms. Along with its previous fleet of 5,000 mining rigs, the company expects the combined fleet to be able to calculate an average of 353 Peta-Hashes per second (PH / s) for Bitcoin mining and 707 Giga-Hashes per second (GH / s) for ether mining (ETH). These hash rates are subject to several factors, including maintenance downtime, reconfiguration, and other variable factors that may materially impact computing performance in the future.
The company also announced that in February 24, 2021, received its first Bitcoin of successful mining activities. SOS President Yandai Wang commented: “This is a significant milestone for our company. To commemorate this event, SOS is creating a commemorative gold coin that will serve as a tangible representation of our first extracted 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 several mining pools were traced back to SOS through public Bitcoin and ETH ledgers. The review also validated SOS ‘control over certain e-wallets and that the rate of Bitcoin and ETH payments received in these 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 several assumptions related to its fleet’s downtime, worldwide hash energy 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 platforms was recently installed during the first quarter. Our production is expected to grow in the coming quarters as we receive and install our third batch. mining platforms and we have a full quarter of operations for our current platforms. ”
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 Company marketing data, technology and solutions for emergency rescue services. United States the 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 be eligible for revenue recognition. Cryptocurrencies have no inherent value, have no legal tender recognized by any government entity, and may not 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-tech company that provides a wide range of services to its corporate and individual members, including marketing data, technology and solutions for emergency rescue services. Recently, SOS started launching 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 big data research and development, cloud computing, the Internet of things, blockchain and artificial intelligence. The company created an SOS cloud emergency rescue software as a service (SaaS) platform with three main product categories: basic cloud (medical rescue card, car rescue card, financial rescue card, assistance rescue card) mutual), cooperative cloud (information rescue center, intelligent big data, intelligent software and hardware) and information cloud (News Today, E-Commerce Today). The Company’s corporate customers include insurance companies, financial institutions, medical institutions, healthcare providers, automobile manufacturers, security providers, senior care providers and other service providers in the emergency rescue services industry. For more information, visit: http://www.sosyun.com/.
Forward-Looking Statements
Certain statements in this press release may constitute “forward-looking statements” within the meaning of federal securities laws, including, but not limited to, our expectations of future financial performance, business strategies or expectations for our business. These statements are projections, forecasts and forward-looking statements and are not guarantees of performance. SOS warns that forward-looking statements are subject to a number of assumptions, risks and uncertainties, which change over time. Words like “can”, “can”, “must”, “will”, “estimate”, “plan”, “project”, “predict”, “intend”, “wait”, “anticipate”, “believe,” “searching,” “targeting,” “looking” or similar expressions can identify forward-looking statements. Specifically, forward-looking statements may include statements related to the Company:
- expected hash rate for your mining platforms;
- mining results expected for the first quarter of 2021;
- intention to grow and install more mining platforms;
- ability to execute your business plan;
- changes in the SOS products and services market; 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 series of judgments, risks and uncertainties that could cause actual results or performance to differ materially from those those expressed or implied by these forward-looking statements.
These risks and uncertainties include, but are not limited to, the risk factors described by SOS in its files with the Securities and Exchange Commission (“SEC”). These risk factors and those identified elsewhere in this press release, among others, may cause actual results to differ materially from historical performance and include, but are not limited to:
- SOS ‘cryptocurrency mining, security and insurance businesses are still developing, with many uncertainties in researching relevant technologies;
- failure to access a large amount of energy at reasonable costs can significantly increase SOS’s operating expenses and adversely affect our demand for SOS mining machines;
- shortages or increases in the prices of mining machinery may adversely affect the Company’s business;
- any significant or prolonged failure in the data warehouse and data mining facilities that SOS operates or the services it provides, including events beyond its control, would lead to significant costs and disruptions and reduce the attractiveness of its facilities, damage its business reputation and a material adverse effect on its results of operations;
- security breaches or alleged security breaches of our data warehouses may disrupt SOS ‘operations and have a material adverse effect on its business, financial condition and results of operations; and
- Chinese government policies and regulatory oversight of the cryptocurrency mining operation;
- other risks and uncertainties indicated in the SOS SEC reports or documents filed or to be filed with the SEC by SOS.
Accordingly, forward-looking statements should not be considered to represent our views on any subsequent date, and you should not place undue reliance on these forward-looking statements when deciding whether to invest in our securities. We assume no obligation to update the 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 by applicable securities laws.
SOS SOURCE Limited
