Code Chain New Continent Ltd. (CCNC) stock fell during after-hours. What is happening?

Code Chain New Continent Ltd. (NASDAQ: CCNC) stock gained at last close by 20.57% however the company’s stock price fell by 25.29% in the after-hours trading session. Just a day back, the company has updated its stockholders regarding the business. Through Code Chain technology, the company conducts research, planning, and development of electronic tokens that incorporate the five-W elements (when, where, who, why, and what), geographic position via the Beidou satellite system, and identification information.


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CCNC stock’ Important Update

On December 7, 2021, Code Chain New Continent Limited issued a business update for important operational advancements. . Through a plan that reflects current mining migration, the Company intends to extend its mining operation to a worldwide scale.

For the first time, the United States has surpassed China as the most popular Bitcoin mining destination. The United States now holds one-third of Bitcoin’s hash rate, up 428 percent from September 2020, as per the Cambridge Centre for Alternative Finance.

Based on the success of mining farm projects in North America, particularly in the Houston area, CCNC is increasingly growing Bitcoin mining across the continent. The Company is optimistic about the future of its mining operations. They have further examined and negotiated a pre-commitment with MinerVA Semiconductor Corp. mining farm in Houston for 10,000 units capacity, along with the previous 10,000 KOI miner purchase order with AGMH. The promise is contingent on $5.6 million in deposits being paid by January 31, 2022. Beginning in the second quarter of 2022, the MinerVa Semiconductor Corp. farm will enable its mining machines to produce positive revenue.

Official Statement

The CEO of the company Mr. Tingjun Yang said that 2022 will be a pivotal year as the company expands its mining operations to a worldwide scale. They are optimistic in executing their expansion strategy to combine the valuable resources from the Bitcoin and Filecoin businesses, as well as further strengthening diversity to mitigate risks, with the help of their important partners from MinerVA. Moreover, he is looking forward to working with their leadership team to uncover fresh growth prospects that will boost shareholder returns and position them for long-term success.

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