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 system producer for roughly $100 million in a share alternate settlement.
500.com Adjustments Identify to Bit Mining Restricted and Acquires Bee Computing for $100 Million
On April 5, 2021, the corporate 500.com Restricted (NYSE: WBAI) registered a press release with the U.S. Securities and Alternate Fee (SEC) in a Kind 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 focuses on 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 score 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 situations, [and will] situation 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 anticipated to happen within the second quarter of 2021. Topic to satisfaction of the next milestones, the corporate shall situation 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 improvement staff members.
Bee Computing to Proceed Mass ASIC Mining Rig Manufacturing
Bee Computing is anticipated to proceed the mass manufacturing of bitcoin miners integrated with 7-nanometer application-specific built-in circuits (ASIC). The producer should proceed the event of machines with 7nm expertise and deploy ETH-based ASIC mining machines as nicely. Bit Mining additionally desires Bee Computing to develop litecoin (LTC) mining machines.
In line with the submitting, Bee Computing has invested over $35 million into R&D tasks and leveraged Mediatek Inc., the most important 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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