CRYPTOCURRENCY ASSETS |
6. CRYPTOCURRENCY ASSETS The movement of cryptocurrency assets is as follows: | | | | | | | For the year ended | | For the six months | | | December 31, 2021 | | ended June 30, 2022 | | | US$ | | US$ | Beginning balance | | — | | 55,077 | Receipts from issuance of ordinary shares for private placement | | 19,289 | | — | Cryptocurrencies acquired in connection with business combination | | 73,184 | | — | Cryptocurrencies borrowing | | 10,222 | | — | Cryptocurrencies mined from mining pool business | | 1,275,238 | | 450,809 | Cryptocurrencies mined from mining business | | 39,013 | | 37,938 | Cryptocurrency to be distributed for promotion activities on behalf of a third party | | 3,179 | | — | Deposits received from customers of mining data center | | 3,965 | | 4,155 | Distribution to pool participants | | (1,282,143) | | (468,151) | Repayment of deposit in the form of cryptocurrencies | | (6,586) | | — | Repayment of cryptocurrencies borrowings | | (6,523) | | — | Payment of service expense and long-lived assets | | (2,295) | | (4,991) | Cryptocurrencies paid in connection with asset acquisition | | (1,731) | | — | Disposal of cryptocurrencies* | | (37,599) | | (47,498) | Others | | (379) | | 656 | Impairment of cryptocurrency assets | | (31,757) | | (12,620) | Ending balance of cryptocurrency assets, net | | 55,077 | | 15,375 |
* In January 2022, the Company entered into a loan agreement and a pledge agreement for one year, pursuant to which the lender agreed to lend to the Company funds equal to approximately US$6,306,which was 65% of the current fair market value of 4,000 Ethereum, with a fixed interest rate of 3.25% per annum. In June 2022, the loan has been fully settled by rendering the pledged Ethereum to the lender. Disposal of cryptocurrencies for the six months ended June 30, 2022 included the carrying amount of the pledged Ethereum of US$9,628 rendered to the lender and the Group recorded a loss on disposal of cryptocurrencies in the amount of approximately US$3,322.
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