US-Listed Chinese Lottery Company Plans $14.4M Creep Into Bitcoin Mining
Chinese sports lottery company 500.com (NYSE: WBAI) announced Monday that it has entered into a have interaction settlement to affect bitcoin mining machines.
- 500.com acknowledged it expects to plot back $14.4 million-value of its Class A frequent shares as consideration to affect the bitcoin mining machines from an unnamed vendor from outside the U.S.
- The corporate will plot back spherical 11.8 million shares valued at $1.21 per share, with the transaction expected to be performed within the first quarter of this One year.
- If the deal goes ahead the acquisition would explore 500.com affect S17, T17 and S9 mining devices from Bitmain and M20s from MicroBT.
- Total hash energy capability of the machines is estimated to be roughly 918.5 petahertz per second.
- The timeline for the set up of the bitcoin mining machines will be within four weeks of acquisition, with earnings from bitcoin mining expected to originate up rolling in throughout the first half of 2021.
- Shares of the corporate traded up 11% on the records.