Home Bitcoin News Bitcoin Mining Publicly-Listed Lottery Company to Buy $14.4M Worth of Bitcoin Mining Machines – Bitcoin News

Publicly-Listed Lottery Company to Buy $14.4M Worth of Bitcoin Mining Machines – Bitcoin News

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

Fashions Embrace S17, T17, M20s and S9

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

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

Nevertheless, 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 anticipated to be totally 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

Concerning the machines’ technical facets, the sports activities lottery agency identified that its complete 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 corporations that acquired huge portions of bitcoin {hardware} miners in 2020.

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

What do you consider lotteries moving into mining? Tell us within the feedback part beneath.

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