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China's 500.com to Purchase Another $8.5M Worth of Bitcoin Miners
The NYSE-listed lottery firm may also acquire another 10,000 miners this year.
U.S.-listed Chinese sports lottery firm 500.com (NYSE: WBAI) is set to acquire another batch of bitcoin mining machines after it announced a pivot to the cryptocurrency space in January.
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- 500.com said Tuesday it has inked a definitive agreement to purchase 5,900 bitcoin mining machines for 55.2 million yuan (around $8.5 million), expected to be delivered in the second quarter of this year.
- Under a wider a framework agreement, the company has agreed in principle to purchase up to 10,000 bitcoin mining machines in 2021, subject to availability.
- Under the deal, 500.com is required to pay a performance bond of 2,000 yuan ($309) per machine for the first 5,000 machines, or 10 million yuan (roughly $1.5 million) in total.
- If all 15,900 bitcoin mining machines are delivered, the firm's total hash rate is expected to increased by 1,000 petahashes per second.
- 500.com first announced on Jan. 11 that it planned to mine bitcoin, saying it would acquire devices worth $14.4 million in an all-equity deal.
Read more: US-Listed Chinese Lottery Firm Plans $14.4M Move Into Bitcoin Mining
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.
