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 entered into a share exchange agreement with the company Bee Computing. The mining rig manufacturer Bee Computing was established in 2018 and the filing notes that it specializes in 7nm-powered mining machines. Additionally, after acquiring the well-established mining pool Btc.com, 500.com changed its name to â€œYufei Jiang, CEO of Bee Computing says the chips stem from Taiwan Semiconductor Manufacturing Company (TSMC).
What do you think about 500.comâ€™s purchase of Bee Computing and its entry into the bitcoin mining space? Let us know what you think about this subject in the comments section below.
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