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Publicly-Listed Lottery Firm to Purchase $14.4M Value of Bitcoin Mining Machines

01/13/2021
Publicly-Listed Chinese Lottery Company Plans to Spend $14.4 Million Into Bitcoin Mining Machines

A U.S. listed Chinese language sports activities lottery agency introduced that it has entered into a purchase order settlement to accumulate bitcoin (BTC) mining machines. The deal includes the issuing of $14.4 million value of 500.com Class A abnormal shares.

Fashions Embody S17, T17, M20s and S9

In response to the announcement, 500.com Ltd reached an preliminary settlement to accumulate the mining machines from the unnamed non-U.S. vendor. The agency seems ahead to issuing 11,882,860 Class A shares valued at $1.21 per share to cowl the acquisition.

The complete quantity of the transaction will permit the corporate to accumulate mining machines, together with such fashions because the M20s from Microbt S17, T17, and S9 from the mining {hardware} manufacturing large Bitmain.

Nonetheless, 500.com Ltd clarifies that the transaction continues to be topic to the sellers’ satisfaction when the transaction concludes.

Per the Chinese language agency, the transaction is predicted to be absolutely accomplished earlier than the top of the primary quarter of 2021. 500.com Ltd goals to put in the machines inside 4 weeks.

Shares Skyrocketed on the Information

Relating to the machines’ technical features, the sports activities lottery agency identified that its whole hash energy capability is estimated to succeed in 918.5 PH/S. Additionally, they forecast to start producing income from the mining actions “within the first half of 2021.”

The corporate’s shares surged over 11% on the announcement, registering a brand new yearly excessive at $13,94.

On the finish of 2020, the U.S.-based agency Riot Blockchain’s market capitalization obtained a $1 billion valuation. The corporate is one among a number of enterprise firms that acquired huge portions of bitcoin {hardware} miners in 2020.

The microgrid software program firm Cleanspark’s introduced on December 22, 2020, that they might buy 1,000 bitcoin mining machines. The deployed S19 Antminers will enhance Cleanspark’s mining capability to 300PH/s. Since December 11, 2020, CLSK shares climbed 100% earlier than the top of the 12 months.

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