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

Following the acquisition of the Chinese language mining pool Btc.com, the China-based lottery firm 500.com revealed the acquisition of a bitcoin mining rig producer Bee Computing. The Shenzhen agency bought the semiconductor and mining machine producer for roughly $100 million in a share alternate settlement.

500.com Modifications Title to Bit Mining Restricted and Acquires Bee Computing for $100 Million

On April 5, 2021, the corporate 500.com Restricted (NYSE: WBAI) registered an announcement with the U.S. Securities and Alternate Fee (SEC) in a Type 6-Ok submitting. The Shenzhen-based agency detailed that it entered right into a share alternate settlement with the corporate Bee Computing. The mining rig producer Bee Computing was established in 2018 and the submitting notes that it makes a speciality of 7nm-powered mining machines. Moreover, after buying the well-established mining pool Btc.com, 500.com modified its identify to “Bit Mining Restricted.”

Bee Computing has two mining rigs and each leverage 7nm semiconductors. The Pumbaa mining machine will get round 52 terahash per second (TH/s) and the B2T sequence will get round 21 TH/s. Essentially the most highly effective miner has an effectivity ranking of round 54 joules per terahash (J/TH) and the B2T has round 55 J/TH. The share alternate settlement is noteworthy and totals round $100 million for the acquisition.

The corporate’s SEC submitting explains:

Pursuant to the share alternate settlement, the corporate shall, topic to customary circumstances, [and will] subject on the first closing an mixture of 16,038,930, or US$35 million value, of its Class A unusual shares to the promoting shareholders. The primary closing is predicted to happen within the second quarter of 2021. Topic to satisfaction of the next milestones, the corporate shall subject on the subsequent closing an mixture of 29,786,600, or US$65 million value, of its Class A unusual shares to promoting shareholders and analysis and growth crew members.

Bee Computing to Proceed Mass ASIC Mining Rig Manufacturing

Bee Computing is predicted to proceed the mass manufacturing of bitcoin miners included with 7-nanometer application-specific built-in circuits (ASIC). The producer should proceed the event of machines with 7nm know-how and deploy ETH-based ASIC mining machines as properly. Bit Mining additionally needs Bee Computing to develop litecoin (LTC) mining machines.

In response to the submitting, Bee Computing has invested over $35 million into R&D initiatives and leveraged Mediatek Inc., the biggest IC design firm in Asia to assist with the 7nm chips. Yufei Jiang, CEO of Bee Computing says the chips stem from Taiwan Semiconductor Manufacturing Firm (TSMC).

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