17.
RELATED PARTY TRANSACTIONS
| Name of related parties | | Relationship with the Company | | Bitmain Technologies Holding Company and its affiliates (“Bitmain”) | | Related parties of one of the Company’s shareholders | | Mr. Liang Lu | | Ultimate controller of the Company |
| (b) | Other than disclosed elsewhere, the Company had the following significant related party transactions for the six months ended June 30, 2024 and 2023: |
| | |
For
the Six Months Ended
June 30, | |
| | |
2025 | | |
2024 | |
| | |
| | |
| |
| Services
provided by: | |
| | | |
| | |
| - Bitmain | |
| 89,002 | | |
| 88,989 | |
The
Company purchased infrastructure hosting services and hash rate services from Bitmain for the six months ended June 30, 2025 and 2024,
which amounted to approximately $89.00 million and $88.99 million respectively and were recognized in cost of revenues.
| (c) | The Company had the following related party balances as of June 30, 2025 and December 31, 2024: |
| | |
As
of
June 30,
2025 | | |
As
of
December31,
2024 | |
| | |
| | |
| |
| Amount
due from related parties, net: | |
| | |
| |
| - Mr.
Liang Lu | |
| 61 | | |
| 25 | |
| - Bitmain (i) (ii) | |
| 28,491 | | |
| 31,512 | |
| | |
| | | |
| | |
| Pledged
Bitcoins- current | |
| | | |
| | |
| - Bitmain (Note 4) | |
| 9,397 | | |
| 12,569 | |
| (i) | The amounts due from Bitmain as of June 30, 2025 and December 31, 2024 represented the net balance of hosting services fees payable, prepaid hash rate fees and mining equipment purchase price. |
| (ii) | The Company had outstanding payables to Bitmain under a Framework Sales and Purchase Agreement relating to a mining machine order placed by one of its wholly-owned subsidiaries. To partially settle these payables, the Company issued 582,940 Class A ordinary shares (par value $0.0001 per share) to Bitmain at $4.15 per share, for the settlement of payables amounted to $2,419,200. |
|