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US-Listed Chinese Lottery Firm Plans $14.4M Move Into Bitcoin Mining
Shares of the company traded up 11% on the news of the deal to purchase miners later this year.
Chinese sports lottery firm 500.com (NYSE: WBAI) announced Monday that it has entered into a purchase agreement to acquire bitcoin mining machines.
STORY CONTINUES BELOW
- 500.com saidhttps://finance.yahoo.com/finance/news/500-com-entered-agreement-acquire-121200514.html it expects to issue $14.4 million worth of its Class A ordinary shares as consideration to acquire the bitcoin mining machines from an unnamed seller from outside the U.S.
- The company will issue around 11.8 million shares valued at $1.21 per share, with the transaction expected to be completed in the first quarter of this year.
- If the deal goes ahead the acquisition would see 500.com acquire S17, T17 and S9 mining devices from Bitmain and M20s from MicroBT.
- Total hash power capacity of the machines is estimated to be approximately 918.5 petahertz per second.
- The timeline for the installation of the bitcoin mining machines would be within four weeks of acquisition, with revenue from bitcoin mining expected to start rolling in during the first half of 2021.
- Shares of the company traded up 11% on the news.
Read more: Bitcoin Mining Difficulty Hits Record High Amid Miner Revenue Surge
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
