Following the acquisition of the Chinese mining pool Btc.com, the China-based lottery company 500.com revealed the acquisition of a bitcoin mining rig producer Bee Computing. The Shenzhen agency bought the semiconductor and mining system producer for roughly $100 million in a share alternate settlement.
500.com Changes Name to Bit Mining Limited and Acquires Bee Computing for $100 Million
On April 5, 2021, the company 500.com Limited (NYSE: WBAI) registered an announcement with the U.S. Securities and Exchange Commission (SEC) in a Form 6-Ok submitting. The Shenzhen-based agency detailed that it entered right into a share alternate settlement with the company 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. Additionally, after buying the well-established mining pool Btc.com, 500.com modified its title to “Bit Mining Limited.”
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 collection will get round 21 TH/s. The strongest 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 company’s SEC submitting explains:
Pursuant to the share alternate settlement, the company shall, topic to customary situations, [and will] situation on the first closing an combination of 16,038,930, or US$35 million price, of its Class A odd shares to the promoting shareholders. The first closing is predicted to happen within the second quarter of 2021. Subject to satisfaction of the next milestones, the company shall situation on the subsequent closing an combination of 29,786,600, or US$65 million price, of its Class A odd shares to promoting shareholders and analysis and improvement staff members.
Bee Computing to Continue Mass ASIC Mining Rig Production
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 technology and deploy ETH-based ASIC mining machines as properly. Bit Mining additionally needs Bee Computing to develop litecoin (LTC) mining machines.
According to the submitting, Bee Computing has invested over $35 million into R&D tasks and leveraged Mediatek Inc., the most important IC design company in Asia to assist with the 7nm chips. Yufei Jiang, CEO of Bee Computing says the chips stem from Taiwan Semiconductor Manufacturing Company (TSMC).
What do you consider 500.com’s buy of Bee Computing and its entry into the bitcoin mining space? Let us know what you consider this topic within the feedback part beneath.
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