500.com, 7nm Chips, ASIC Manufacturer, ASICs, Bit Mining Limited, Bitcoin (BTC), Bitcoin mining, BTC, BTC Mining, BTC.com, China, Chinese Lottery firm, Ethereum, litecoin, mining, Yufei Jiang

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 “Yufei Jiang, CEO of Bee Computing says the chips stem from Taiwan Semiconductor Manufacturing Company (TSMC).

What do you think about 500.com’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.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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