Express

China's 500.com To Enter The Bitcoin Mining Space With $14.4 Million Value Acquisition Of Miners

Mary Liu

Summary: 500.com, the US-listed lottery company in China (NYSE: WBAI) announced today that it has signed a contract with an unnamed non-US company to purchase Bitcoin miners, including models of S17, T17, M20, and S9, with a total hash rate of about 918.5 PH/S. The acquisition will be made via approximately $14.4 million of WBAI's Class ...

500.com, the US-listed lottery company in China (NYSE: WBAI) announced today that it has signed a contract with an unnamed non-US company to purchase Bitcoin miners, including models of S17, T17, M20, and S9, with a total hash rate of about 918.5 PH/S. The acquisition will be made via approximately $14.4 million of WBAI's Class A common shares. According to the announcement, the transaction is expected to be completed in the first quarter of 2021, and WBAI is expected to start earning mining revenue in the first half of 2021. 

By Mary Liu

  • The GENIUS Act & Stablecoin Regulation: BRG's Dominic Zagara on Crypto's Defining ... 1 day ago
  • Bitcoin Weekly Analysis: Volume-Price Divergence and High-Level Consolidation Anticipat... 4 days ago
  • Will Introduction of the Stablecoin Act Trigger a Financial Tsunami? 5 days ago
  • Trump Just Opened the Floodgates: What Happens When $9 Trillion in Retirement Money Hit... 8 days ago
  • US Crypto Stash Shock: Marshals' Low BTC Count Fuels 'Secret Sale' Debate, Ignites Buyb... 9 days ago
  • You need to login to comment.