Chinese online sports lottery service provider 500.com has completed the acquisition of bitcoin mining machines as part of the expansion of its cryptocurrency mining enterprise.
The company noted that it acquired the machines from certain non-US persons in exchange for an aggregate of 11,882,860 newly-issued Class A ordinary shares valued at US$1.21 per share.
500.com stated the bitcoin mining machines acquired in this transaction include such models as the S17, T17, M20s and S9, adding: “The theoretical maximum total hash rate capacity of the bitcoin mining machines is estimated to be approximately 918.5 PH/s.
“Once fully deployed, the company estimates that all of its bitcoin mining machines, including the bitcoin mining machines, will have a total hash rate capacity of up to approximately 1000 PH/s in aggregate.”
Earlier this year, 500.com continued its cryptocurrency growth with the acquisition of Blockchain Alliance Technologies, the owner of BTC.com, which provides cryptocurrency mining pool services, cryptocurrency wallets and information about cryptocurrencies.
The company also recently published its unaudited financial results for the fourth quarter and full-year ended December 31, 2020. In the posting, the reported net revenues of RMB9m ($1.4m) for Q4 of 2020, a 4.7% increase from 2019’s Q4 of RMB8.6m and a 47.5% quarterly growth compared to Q3 revenues of RMB6.1m.