Chinese lottery company renews and buys mining producer Bitcoin for $ 100 million

Following the acquisition of the Chinese mining pool Btc.com, the Chinese lottery company 500.com announced that it has acquired Bitcoin mining maker Bee Computing. The Shenzhen-based company acquired the semiconductor and mining equipment manufacturer for nearly $ 100 million as part of a share-swap deal. 500.com Renames Bit Mining Limited and Acquires Bee Computing for $ 100 Million On April 5, 2021, 500.com Limited (NYSE: WBAI), the U.S. Securities and Exchange Commission (SEC) to United 6 – Submit filed in K format. The Shenzhen-based company said it had a share swap deal with Bee Computing company. Mining manufacturer Bee Computing was founded in 2018 and says it specializes in filing, 7nm-powered mining machines. Also, after purchasing the established Btc.com mining pool, it changed the name 500.com to "Bit Mining Limited". Bee Computing has two mining platforms and both use 7nm semiconductors. The Pumbaa mining machine reaches about 52 terahash per second (TH / h) and the B2T series reaches about 21 TH / s. The strongest miner has an efficiency of about 54 Joules per terahash (J / TH) and B2T has about 55 J / TH. The stock swap deal is notable and is about $ 100 million in total for the purchase. The company's SEC file explains: Under the share exchange agreement, the company [and will buy] a total of $ 16,038,930, or $ 35 million under customary terms and conditions. dollars of Class A common stocks at the first close. to issue shares to sell shareholders. The first closing is expected in the second quarter of 2021. Subject to meeting the following milestones, the Company will issue Class A common stocks totaling $ 29,786,600, or $ 65 million, at the next close. sell shareholders and research and development team members. Bee Computing Continues to Mass Production of ASIC Mining Machines Read more

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