The9 is a Cayman Islands-incorporated company with operations in China, running two core businesses: online gaming and Bitcoin mining. On the gaming side, The9 re-entered the Chinese market in 2024 after a long absence — the company was originally founded in 2000 and was once known for operating World of Warcraft in China under a Blizzard license, a license it lost in 2009. Today, The9 publishes and operates mobile and PC games in mainland China using licensed IP from third-party developers or proprietary titles held through joint ventures. Notable current projects include an action RPG built on the Ultraman IP and an interactive movie game based on the TVB drama "The Greed of Man." In August 2025, The9 launched the9bit, a gaming hub combining gameplay, in-game purchases, and a creator economy where users build and share games using AI tools. Gaming revenue follows the freemium model standard in Chinese mobile gaming, where players download games for free but pay for in-game items and enhancements. On the mining side, The9 has mined Bitcoin since February 2021, operating roughly 6,000 machines in Kyrgyzstan and directing computing power to a mining pool in exchange for a proportional share of Bitcoin rewards. Mining profitability depends on Bitcoin prices, network difficulty, and electricity costs. The9 has also used its Bitcoin holdings as loan collateral, which has created default risk during Bitcoin price declines.