500.com Limited has announced the completion of its acquisition of bitcoin mining machines from the US.
China.- The Chinese sports lottery services provider 500.com has shored up its entry into the cryptocurrency mining sector, confirming its acquisition of bitcoin mining machines from the US.
The acquisition was made in exchange for an aggregate of 11,882,860 newly issued Class A ordinary shares valued at US$1.21 per share.
The bitcoin mining machines include models S17, T17, M20s and S9. The firm stated that the hash power capacity of the machines acquired in the transaction is estimated to be approximately 918.5 petahashes (quadrillion hashes) per second.
500.com estimates that its bitcoin mining machines will have a total hash rate capacity of up to approximately 1,000 PH/s in aggregate.
The Chinese gaming company announced its entry into the cryptocurrency sector in December 2020. It signed a share exchange agreement with Bitdeer Technologies’ Blockchain Alliance Technologies to acquire its entire mining pool business, including the domain name BTC.com and the cryptocurrency wallet of BTC.com.