{"id":457565,"date":"2021-03-15T08:51:38","date_gmt":"2021-03-15T12:51:38","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=457565"},"modified":"2021-03-15T08:51:38","modified_gmt":"2021-03-15T12:51:38","slug":"500-com-limited-completes-acquisition-of-bitcoin-mining-machines-with-total-hash-rate-capacity-of-approximately-918-5-ph-s","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/500-com-limited-completes-acquisition-of-bitcoin-mining-machines-with-total-hash-rate-capacity-of-approximately-918-5-ph-s\/","title":{"rendered":"500.com Limited Completes Acquisition of Bitcoin Mining Machines with Total Hash Rate Capacity of Approximately 918.5 PH\/s"},"content":{"rendered":"
\n

PR Newswire<\/p>\n<\/p><\/div>\n

\n

\n SHENZHEN, China<\/span>, March 15, 2021<\/span> \/PRNewswire\/ —\u00a0500.com Limited (NYSE: WBAI) (“500.com” or the “Company”), a cryptocurrency mining enterprise in China<\/span>, today announced that it has completed its acquisition of bitcoin mining machines owned by certain non-U.S. persons in exchange for an aggregate of 11,882,860\u00a0newly-issued Class A ordinary shares valued at\u00a0US$1.21\u00a0per share, corresponding to US$12.10<\/span> per American Depositary Share (“ADS”) (based on the ratio of ten ordinary shares per ADS), the closing trading price of the Company’s ADSs on January 8, 2021<\/span>. This transaction was previously announced on January 11, 2021<\/span>.<\/p>\n

The bitcoin mining machines acquired in this transaction (the “Bitcoin Mining Machines”) include such models as the S17, T17, M20s and S9.\u00a0The theoretical maximum total hash rate capacity of the \u00a0Bitcoin Mining Machines is estimated to be approximately 918.5 PH\/s. Once fully deployed, the Company estimates that all of its bitcoin mining machines, including the Bitcoin Mining Machines,\u00a0will have a total hash rate capacity of up to approximately 1000 PH\/s in aggregate. <\/p>\n

\n About 500.com Limited<\/b>\n <\/p>\n

500.com Limited (NYSE: WBAI) is committed to becoming a leading cryptocurrency mining enterprise. Since announcing its entry into the cryptocurrency industry in\u00a0December 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 Limited also was the first company in\u00a0China\u00a0to provide online lottery sales agent services, and was one of two enterprises approved by\u00a0China’s\u00a0Ministry of Finance to engage in the online sports lottery sales agent business on a trial basis.<\/p>\n

\n Safe Harbor Statements<\/b>\n <\/p>\n

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.<\/p>\n

\n For further information: <\/b>\n <\/p>\n

500.com Limited
ir@500wan.com<\/a><\/p>\n

Ms. Danni Zheng<\/span>
Phone: +86 755 8633 8005<\/p>\n

The Piacente Group, Inc.
Helen Wu<\/span>
Tel: +86 (10) 6508-0677
Email: 500@tpg-ir.com<\/a><\/p>\n

In the United States<\/span>:<\/p>\n

The Piacente Group, Inc.
Brandi Piacente<\/span>
Tel: +1 (212) 481-2050
Email: 500@tpg-ir.com<\/a><\/p>\n

\n \"Cision\" View original content:http:\/\/www.prnewswire.com\/news-releases\/500-com-limited-completes-acquisition-of-bitcoin-mining-machines-with-total-hash-rate-capacity-of-approximately-918-5-phs-301247293.html<\/a><\/p>\n

SOURCE 500.com Limited<\/p>\n<\/p><\/div>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

PR Newswire SHENZHEN, China, March 15, 2021 \/PRNewswire\/ —\u00a0500.com Limited (NYSE: WBAI) (“500.com” or the “Company”), a cryptocurrency mining enterprise in China, today announced that it has completed its acquisition of bitcoin mining machines owned by certain non-U.S. persons in exchange for an aggregate of 11,882,860\u00a0newly-issued Class A ordinary shares valued at\u00a0US$1.21\u00a0per share, corresponding to US$12.10 per American Depositary Share (“ADS”) (based on the ratio of ten ordinary shares per ADS), the closing trading price of the Company’s ADSs on January 8, 2021. This transaction was previously announced on January 11, 2021. The bitcoin mining machines acquired in this transaction (the “Bitcoin Mining Machines”) include such models as the S17, T17, M20s and S9.\u00a0The theoretical maximum total hash rate capacity … <\/p>\n

Continue reading “500.com Limited Completes Acquisition of Bitcoin Mining Machines with Total Hash Rate Capacity of Approximately 918.5 PH\/s”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-457565","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\n500.com Limited Completes Acquisition of Bitcoin Mining Machines with Total Hash Rate Capacity of Approximately 918.5 PH\/s - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/500-com-limited-completes-acquisition-of-bitcoin-mining-machines-with-total-hash-rate-capacity-of-approximately-918-5-ph-s\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"500.com Limited Completes Acquisition of Bitcoin Mining Machines with Total Hash Rate Capacity of Approximately 918.5 PH\/s - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire SHENZHEN, China, March 15, 2021 \/PRNewswire\/ —\u00a0500.com Limited (NYSE: WBAI) (“500.com” or the “Company”), a cryptocurrency mining enterprise in China, today announced that it has completed its acquisition of bitcoin mining machines owned by certain non-U.S. persons in exchange for an aggregate of 11,882,860\u00a0newly-issued Class A ordinary shares valued at\u00a0US$1.21\u00a0per share, corresponding to US$12.10 per American Depositary Share (“ADS”) (based on the ratio of ten ordinary shares per ADS), the closing trading price of the Company’s ADSs on January 8, 2021. This transaction was previously announced on January 11, 2021. 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