Chinese Lottery Firm Rebrands, Purchases Bitcoin Mining Rig Manufacturer for ...

Chinese Lottery Firm Rebrands, Purchases Bitcoin Mining Rig Manufacturer for ...

Following the acquisition of the Chinese mining pool Btc.com, the China-based lottery company 500.com revealed the purchase of a bitcoin mining rig manufacturer Bee Computing. The Shenzhen firm purchased the semiconductor and mining device manufacturer for roughly $100 million in a share exchange agreement. 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 a statement with the U.S. Securities and Exchange Commission (SEC) in a Form 6-K filing. The Shenzhen-based firm detailed that it....


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Publicly-Listed Chinese Lottery Firm Acquires Bitcoin Mining Pool Btc.com

A U.S. publicly-listed Chinese sports lottery firm is extending its arms into the crypto industry by announcing another related maneuver. 500.com Ltd announced it has acquired Btc.com, the well known bitcoin mining pool. Jihan Wu Is the ‘ Biggest Beneficial Owner’ of the Mining Pool Per the announcement, the online lottery service provider bought the company from Blockchain Alliance. 500.com performed the transaction by issuing newly class A shares, representing almost a 10% stake in the listed Chinese company. According to the filings, 500.com Ltd made the share exchange....

Publicly-Listed Lottery Company to Buy $14.4M Worth of Bitcoin Mining Machines

A U.S. listed Chinese sports lottery firm announced that it has entered into a purchase agreement to acquire bitcoin (BTC) mining machines. The deal involves the issuing of $14.4 million worth of 500.com Class A ordinary shares. Models Include S17, T17, M20s and S9 According to the announcement, 500.com Ltd reached an initial agreement to acquire the mining machines from the unnamed non-U.S. seller. The firm looks forward to issuing 11,882,860 Class A shares valued at $1.21 per share to cover the purchase. The full amount of the transaction will allow the company to acquire mining....

Chinese Mining Rig Manufacturer Microbt Announces Offshore ASIC Factory

On Friday, China-based bitcoin mining rig manufacturer Microbt announced plans to create an offshore facility that produces the company’s Whatsminer devices and parts for North America. The firm revealed the expansion news when it announced a recent partnership with the New York-based Foundry Digital LLC. Microbt’s Whatsminer mining rigs have become popular during the last few years and the company has been able to obtain a large portion of mining device sales. On September 25, the China-based firm announced a partnership with Foundry and detailed it contracted a Southeast....

Marathon Purchases 10,000 Bitcoin Miners, Machines Will Max Out 100 Megawatt ...

On December 9, the Nasdaq-listed cryptocurrency mining company, Marathon Patent Group, announced the firm is purchasing 10,000 Antminer S-19j Pro units from the Chinese mining manufacturer Bitmain. According to Marathon, after the acquisition of next-generation bitcoin miners, the company will have an aggregate total of 33,560 ASIC miners with up to 3.56 exahash (EH/s) of hashpower. Marathon Patent Group, Inc. (NASDAQ:MARA) has partnered with Bitmain once again to purchase another 10,000 application-specific integrated circuit (ASIC) bitcoin miners. In addition to the recent purchase,....

Chinese Bitcoin Mining Company Canaan Sold for $466m

Most startups are created as a way to ensure they can get acquired by a different firm at a later stage. Canaan is not a company that would ring a bell for most people unless they were deeply involved in the Bitcoin mining game. This pioneering mining firm was acquired by an electronics manufacturer earlier today. It appears as if CNY 3bn participated in the process, as well as company stock. Canaan Got Acquired Before Primetime. Most startups are created as a way to ensure they can get acquired by a different firm at a later stage. It remains unknown whether or not Bitcoin mining firm....