The NYSE-listed online lottery services provider in China, 500.com Limited, has signed an agreement to purchase Bitcoin mining equipment. The deal is worth $14.4 million, according to a сообщении.
The company did not disclose partner names but said it would acquire S17, T17, S9 and M20s devices. These models are produced by Bitmain and MicroBT.
Under the terms, 500.com will issue 11.9 million shares at $1.21 per share, based on the price at the close of trading on January 8.
The company expects to derive mining revenue in the first half of 2021. It estimates the total hash rate to be acquired at 918.5 PH/s.
Earlier in November 2020, mining company Bit Digital announced the issuance of shares worth $13.9 million in exchange for Bitcoin miners with a total hash rate of 1 EH/s.
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