SHENZHEN, China, Feb. 26, 2021 /PRNewswire/ -- 500.com
Limited (NYSE: WBAI) ("500.com" or the "Company"), a China-based enterprise committed to developing
cryptocurrency mining businesses, today announced that it has
entered into a definitive agreement with a subsidiary of
BitDeer (the "Seller") 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.
Purchase of Ethereum (ETH) Mining Machines
At the same time, the Company announces that it has entered into
a definitive agreement (the "Agreement") to purchase 2,000 new
ETH mining machines for a total consideration of RMB195 million (approximately US$30.2 million). Pursuant to the Agreement, a
total of 100 ETH mining machines are to be delivered during
May -- June 2021, a total of 300
ETH mining machines are to be delivered during July --
August 2021 ( 150 mining machines per
month), and the remaining 1,600 ETH mining machines are to be
delivered during September -- December
2021 ( 400 mining machines per month).
These ETH mining machines purchased by the Company have an
energy consumption ratio less than 1 MH/W. These mining machines
feature ASICs developed on SeDRAM, a heterogeneous, integrated
embedded DRAM platform. This ASIC utilizes hybrid bonding
technology to combine ETH computing power and DRAM memory. Unlike
traditional mining machines, which separate computing from memory
chips, these new ETH mining machines have better on-chip bandwidth
capacity, transmission efficiency, and mining efficiency with lower
power consumption. Each mining machine has peak consumption of only
2400W, but generates computing power of up to 2.4 GH/s.
According to current ETH computing power estimates, these ETH
mining machines' total computing power of 4,800 GH/s is expected to
represent 1.23% of the total
computing power of the entire ETH network and is expected to yield
a maximum of 330 ETH per day.
This announcement contains translations of certain RMB amounts
into U.S. dollars ("USD") at specified rates solely for the
convenience of the reader. Unless otherwise stated, all
translations from RMB to USD were made at the rate of RMB6.4555 to US$1.00, the noon buying rate in effect on
February 19, 2021 in the H.10
statistical release of the Federal Reserve Board. The Company makes
no representation that the RMB or USD amounts referred to could be
converted into USD or RMB, as the case may be, at any particular
rate or at all.
About 500.com Limited
500.com Limited (NYSE: WBAI) is committed to becoming a leading
cryptocurrency mining enterprise in China. Since announcing its entry into the
cryptocurrency industry in December
2020, the Company has entered into definitive agreements to
(i) purchase cryptocurrency mining machines, (ii) acquire a
controlling stake in Loto Interactive Limited (HKEX: 08198), and
(iii) acquire the entire mining pool business of Bitdeer
Technologies Holding Company ("BitDeer") operated under BTC.com,
including the domain name BTC.com and the cryptocurrency wallet of
BTC.com (collectively, the "BTC.com Pool Businesses"), to unfurl a
comprehensive approach to cryptocurrency mining. 500.com is also an
online sports lottery service provider in China. The Company offers a comprehensive and
integrated suite of online lottery services, information, user
tools and virtual community venues to its users.
Safe Harbor Statements
This news release contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, and as defined in the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements can be
identified by terminology such as "will," "expects," "anticipates,"
"future," "intends," "plans," "believes," "estimates," "target,"
"going forward," "outlook" and similar statements. Such statements
are based upon management's current expectations and current market
and operating conditions, and relate to events that involve known
or unknown risks, uncertainties and other factors, all of which are
difficult to predict and many of which are beyond the Company's
control, which may cause the Company's actual results, performance
or achievements to differ materially from those in the
forward-looking statements. Further information regarding these and
other risks, uncertainties or factors is included in the Company's
filings with the U.S. Securities and Exchange Commission. The
Company does not undertake any obligation to update any
forward-looking statement as a result of new information, future
events or otherwise, except as required under law.
For more information, please contact:
500.com Limited
ir@500wan.com
Ms. Danni Zheng
Head of Investor Relations
Phone: +86 755 8633 8005
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