500.com, a Chinese online sports lottery service provider, has announced it plans to issue $14.4 million worth of its Class A ordinary shares to purchase bitcoin (EXANTE: Bitcoin) mining rigs.
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According to an official press release, 500.com will issue 11,882,860 shares (valued at $1.21 per share) as part of a definitive purchase agreement with several non-US persons. The unknown seller will reportedly supply Bitmain Antminer S17, Bitmain Antminer T17, MicroBT Whatsminer M20S, and Antminer S9. It is expected that all the mining rigs will be shipped by the end of Q1, 2021.
The total hash power capacity of the acquired mining rigs acquired is estimated to be about 918.5 PH/S.
iHodl earlier reported that Chinese maker of ASIC mining devices Ebang plans to start public testing of its crypto exchange. The official launch of the platform is also scheduled for the first quarter of 2021. The company's plans to expand its business through the launch of a cryptocurrency exchange and mining farms were announced on the eve of the company's IPO in June 2020.
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