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A US-listed Chinese sports lottery company has announced that it has entered into a purchase agreement to purchase bitcoin (BTC) mining machines. The deal includes the issue of $ 14.4 million of Class A 500.com common stock.

Models include S17, T17, M20s and S9

According to the Announcement, 500.com Ltd reached an initial agreement to acquire the mining equipment from the unnamed non-US seller. The company is looking forward to issuing 11,882,860 Class A shares at a value of $ 1.21 per share to cover the purchase.

The full amount of the transaction will allow the company to acquire mining equipment, including models such as Microbt’s M20s S17, T17 and S9 from mining hardware giant Bitmain.

500.com Ltd clarifies, however, that the transaction is still subject to the satisfaction of the sellers when the transaction is completed.

According to the Chinese firm, the transaction is expected to be completed by the end of the first quarter of 2021. 500.com Ltd aims to install the machines within four weeks.

Shares skyrocketed on the news

Regarding the technical aspects of the machines, the sports lottery company pointed out that the total hash capacity is estimated at 918.5 PH / S. They also predict that they will generate revenues from the mining activities “in the first half of 2021”.

Shares of the company were up more than 11% on the announcement, recording a new annual high of $ 13.94.

In late 2020, the market cap of US-based company Riot was Blockchain obtained a valuation of $ 1 billion. The company is one of several ventures to have acquired massive amounts of bitcoin hardware miners by 2020.

The microgrid software company Cleanspark’s announced on December 22, 2020 that they would buy 1,000 bitcoin mining machines. The deployed S19 Antminers will increase the Cleanspark mining capacity to 300PH / s. Since December 11, 2020, CLSK shares are up 100% before the end of the year.

How do you feel when lotteries go into mining? Let us know in the comments below.

Image Credits: Shutterstock, Pixabay, Wiki Commons





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