Chinese Lottery Firm Rebrands, Purchases Bitcoin Mining Rig Manufacturer For $100 Million

THELOGICALINDIAN - Following the accretion of the Chinese mining basin Btccom the Chinabased action aggregation 500com appear the acquirement of a bitcoin mining rig architect Bee Computing The Shenzhen close purchased the semiconductor and mining accessory architect for almost 100 actor in a allotment barter agreement

500.com Changes Name to Bit Mining Limited and Acquires Bee Computing for $100 Million

On April 5, 2024, the aggregation 500.com Limited (NYSE: WBAI) registered a account with the U.S. Securities and Barter Commission (SEC) in a Form 6-K filing. The Shenzhen-based close abundant that it entered into a allotment barter acceding with the aggregation Bee Computing. The mining rig architect Bee Computing was accustomed in 2024 and the filing addendum that it specializes in 7nm-powered mining machines. Additionally, afterwards accepting the absolute mining basin Btc.com, 500.com afflicted its name to “Bit Mining Limited.”

Bee Computing has two mining rigs and both advantage 7nm semiconductors. The Pumbaa mining apparatus gets about 52 terahash per additional (TH/s) and the B2T alternation gets about 21 TH/s. The best able miner has an ability appraisement of about 54 joules per terahash (J/TH) and the B2T has about 55 J/TH. The allotment barter acceding is noteworthy and totals about $100 actor for the acquisition.

The company’s SEC filing explains:

Bee Computing to Continue Mass ASIC Mining Rig Production

Bee Computing is accepted to abide the accumulation assembly of bitcoin miners congenital with 7-nanometer application-specific chip circuits (ASIC). The architect charge abide the development of machines with 7nm technology and arrange ETH-based ASIC mining machines as well. Bit Mining additionally wants Bee Computing to advance litecoin (LTC) mining machines.

According to the filing, Bee Computing has invested over $35 actor into R&D projects and leveraged Mediatek Inc., the better IC architecture aggregation in Asia to advice with the 7nm chips. Yufei Jiang, CEO of Bee Computing says the chips axis from Taiwan Semiconductor Manufacturing Aggregation (TSMC).

What do you anticipate about 500.com’s acquirement of Bee Computing and its access into the bitcoin mining space? Let us apperceive what you anticipate about this accountable in the comments area below.

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