Chinese Lottery Firm Rebrands, Purchases Bitcoin Mining Rig Manufacturer for $100 Million

Following the acquisition of the Chinese mining swimming pool Btc.com, the China-based lottery business 500.com exposed the purchase of a bitcoin mining rig manufacturer Bee Computing. The Shenzhen firm acquired the semiconductor and mining gadget manufacturer for approximately $100 million in a share exchange contract.

500.com Changes Name to Bit Mining Limited and Acquires Bee Computing for $100 Million

On April 5, 2021, the business 500.com Limited (NYSE: WBAI) signed up a declaration with the U.S. Securities and Exchange Commission (SEC) in a Form 6-K filing. The Shenzhen-based firm detailed that it participated in a share exchange contract with the business Bee Computing. The mining rig manufacturer Bee Computing was developed in 2018 and the filing keeps in mind that it focuses on 7nm-powered mining makers. Additionally, after getting the reputable mining swimming pool Btc.com, 500.com altered its name to “Bit Mining Limited.”

Bee Computing has 2 mining rigs and both take advantage of 7nm semiconductors. The Pumbaa mining device navigates 52 terahash per 2nd (TH/s) and the B2T series navigates 21 TH/s. The most effective miner has a performance score of around 54 joules per terahash (J/TH) and the B2T has around 55 J/TH. The share exchange contract is notable and amounts to around $100 million for the acquisition.

The business’s SEC filing describes:

Pursuant to the share exchange contract, the business shall, based on popular conditions, [and will] problem at the very first closing an aggregate of 16,038,930, or US$35 million worth, of its Class A ordinary shares to the offering investors. The very first closing is anticipated to happen in the 2nd quarter of 2021. Subject to fulfillment of the following turning points, the business will release at the subsequent closing an aggregate of 29,786,600, or US$65 million worth, of its Class A ordinary shares to offering investors and research study and advancement staff member.

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Bee Computing to Continue Mass ASIC Mining Rig Production

Bee Computing is anticipated to continue the mass production of bitcoin miners included with 7-nanometer application-specific incorporated circuits (ASIC). The manufacturer needs to continue the advancement of makers with 7nm innovation and release ETH-based ASIC mining makers too. Bit Mining also desires Bee Computing to establish litecoin (LTC) mining makers.

According to the filing, Bee Computing has actually invested over $35 million into R&D tasks and leveraged Mediatek Inc., the biggest IC style business in Asia to aid with the 7nm chips. Yufei Jiang, CEO of Bee Computing states the chips come from Taiwan Semiconductor Manufacturing Company (TSMC).

What do you consider 500.com’s purchase of Bee Computing and its entry into the bitcoin mining area? Let us understand what you consider this topic in the comments area below.

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