Shenzhen-listed company to invest $155 million in bitcoin mining

The Shenzhen Stock Exchange-listed company Zhongjia Bochuang (ZJBC), with a market capitalization of about $900 million, plans to increase its investment in bitcoin mining, according to The Block.

The firm said that it has signed a partnership with the Shenzhen-based ASIC miner manufacturer MicroBT. ZJBC plans to invest in equipment under the Whatsminer brand up to 1 billion yuan (about $155 million) over the next two years.

“The scale in the first year will be no less than 20,000 units, the first batch should be delivered by May 2021, with no fewer than 2,000 units,” according to a ZJBC statement.

The firm’s main lines of business are outsourcing of financial services, cloud communications, and network maintenance. However, through a subsidiary since 2018, ZJBC has earned revenue from a bitcoin mining farm in Sichuan.

Chairman Wu Yin of ZJBC was an angel investor in MicroBT, and is now one of the major shareholders of the miner manufacturer.

Earlier, the Chinese public company 500.com Limited, an online-lottery services provider, after acquiring the BTC.com mining pool decided to rename itself to BIT Mining Limited.

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