Taoping Inc. (TAOP) stock prices were down by 4.20% as of the start of market trading on August 27th, 2021. This brought the price per share down to USD$3.42 at the end of the trading day.
TAOP Stock Signs MOU
August 27th, 2021 saw TAOP stock announce the signing of a memorandum of understanding (MOU) between the company’s wholly-owned subsidiary Toaping Digital Assets and Aral Petroleum Capital. The MOU will facilitate the establishment of a joint venture in Kazakhstan. TAOP stock will own 51% of the joint venture, while the other 49% will be owned by APC. TDAA will be responsible for controlling the board of directors of the joint venture.
About Aral Petroleum Capital
APC is an oil and gas exploration and development company that operates in Kazakhstan as a wholly-owned subsidiary of Caspian Energy. The partnering company holds an exclusive license which facilitates the exploration and development of certain oil and gas properties known as the North Block. The North Block is an area that spans 1,916 square km. The company also holds a production contract for the area known as East Zhagabulak. APC is armed with a strong position within the industry and integration experience. This allows it to ensure a high-quality utility-scale electricity supply at a low cost to the joint venture.
Scope of Partnership
The joint venture will invest and build cryptocurrency mining sites that will boast a total capacity of 100MW. The first stage of construction of 30 MW is forecasted to be completed within three to six months. TDAA will have the priority to deploy cryptocurrency mining machines owned by TDAA or its partners. The collaboration will facilitate the operation and maintenance of crypto mining machines in Kazakhstan. The joint venture also plans to rent out excess operating capacity to third parties for additional income. April 15th 2021 saw TAOP stock announce the signing of a Bitcoin mining machine purchase agreement with Bitmain Technologies Ltd. The agreement will see the purchase of Antminer S19j Pro Bitcoin mining machines with a total hash rate of 300,000 TH/s.
Future Outlook for TAOP Stock
The company reported a promising quarter, consolidated by its recently announced MOU with APC. TAOP stock is poised to capitalize on the opportunities afforded to it in an effort to continue its trajectory of success. Investors are hopeful that management will be able to facilitate consistent gains in shareholder value.