500. com completes US$4.9 million purchase of bitcoin mining machines

500 .com said that it has entered into a definitive agreement with a subsidiary of BitDeer to purchase 1,923 S17 Bitcoin mining machines for a total consideration of RMB31.3 million (approximately US$4.9 million).

These mining machines are deployed and in operation in Xinjiang, with an aggregate computing power of 113 PH/s. The company today has paid the total consideration in full, and the Seller has transferred ownership of all the mining machines. As of today, the Company has officially begun generating revenue from cryptocurrency mining operations.

On January 11, 2021, the Company announced its purchase of mining machines with an aggregate computing power of 918 PH/s. These mining machines are expected to be deployed by the end of March 2021.

On February 2, 2021 the Company announced its purchase of 5,900 new mining machines with an aggregate computing power of 306 PH/s. These mining machines are expected to be deployed by the end of May 2021.

As such, the Company expects to have Bitcoin mining machines with an aggregate computing power of 1,337 PH/s by the end of the first half of 2021.

500. com was formerly focused on online lottery in China.