Chinese Lottery Firm Rebrands, Purchases Bitcoin Mining Rig Manufacturer for $100 Million – Mining Bitcoin News
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Following its acquisition of Chinese mining pool Btc.com, Chinese lottery company 500.com has announced the purchase of bitcoin mining machine maker Bee Computing. The Shenzhen-based company acquired the semiconductor and mining equipment maker via a share swap for about $100 million.
500.com changes name to Bit Mining Limited and acquires Bee Computing for $100 million
The 5th. On April 20, 2021, 500.com Limited (NYSE:WBAI) filed a Form 6-K with the U.S. Securities and Exchange Commission (SEC). The Shenzhen-based company said it has entered into a share swap agreement with Bee Computing. Mining platform manufacturer Bee Computing was founded in 2018 and specializes in 7nm mining machines, according to its documentation. Similarly, 500.com changed its name to Bit Mining Limited after acquiring the renowned mining hub Bitc.com.
Bee Computing has two mining platforms, both of which use 7nm semiconductors. The Pumbaa mining machine achieves about 52 terahash per second (TH/s) and the B2T series machine achieves about 21 TH/s. The most powerful mine has a capacity of about 54 joules per terrahash (J/TH) and the B2T has a capacity of about 55 joules per terrahash (J/TH). The share swap is remarkable and amounts to about $100 million.
A statement to the Securities and Exchange Commission reads:
Pursuant to the stock exchange agreement, the Company is obligated, on customary terms, [and will] issue an aggregate of $16,038,930, or $35 million, of its Class A common stock to the selling stockholders at the initial closing. The first closure is scheduled for the second quarter of 2021. Subject to the following conditions, the Company will issue an aggregate of $29,786,600, or $65 million, of its Class A common stock for sale to shareholders and members of the research and development groups at the subsequent closing.
computer processing to continue mass production of themining ASIC
Bee Computing is expected to continue mass producing bitumen mines with 7-nanometer application-specific integrated circuits (ASICs). The manufacturer is expected to further develop machines with 7nm technology and introduce mining machines based on the ETH ASIC. Bit Mining also wants Bee Computing to develop machines to mine Litecoin (LTC).
According to the filing, Bee Computing has invested more than $35 million in research and development projects and has hired Mediatek Inc, Asia’s largest integrated circuit company, to develop 7nm chips. Yufei Jiang, CEO of Bee Computing, said the chips came from Taiwan Semiconductor Manufacturing Company (TSMC).
What do you think of the purchase of 500.com Bee Computing and its entry into bitcoin mining? Let us know what you think in the comments below.
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