Focus on mining! 500 Lottery Network changes its name to BitMining: has acquired a large mining pool

Focus on mining! 500 Lottery Network changes its name to BitMining: has acquired a large mining pool

March 09, 2021 15:47:36
Source: Driver Home

On March 9, 500.com announced that its board of directors voted to pass a resolution on changing the company's name. The company's Chinese name was changed to "Bit Mining", and the company's English name was changed from "500.com Limited" to "BIT Mining Limited". The stock code was also changed to "BTCM".

500彩票网 was originally an Internet lottery joint purchasing and trading platform serving Chinese lottery players, providing joint purchasing services for national legal lotteries such as football lottery, sports lottery, competitive lottery, welfare lottery, as well as related consulting, tools, and communities.

However, under the wave of digital currency and mining, 500 Lottery Network has also invested heavily and made frequent moves:

On February 2, it purchased 5,900 Bitcoin mining machines for a total price of approximately RMB 55.2 million. In principle, it can purchase up to 10,000 Bitcoin mining machines this year.

On February 16, it acquired all mining pool businesses of BTC.com from Bitdeer and comprehensively laid out its blockchain business.

On February 23, it completed a $23 million private placement and obtained 356.04342 bitcoins and $11.5 million in cash. The former was worth $11.5 million at the time.

On February 26, 1,923 Bitcoin S17 spot mining machines with a total computing power of 113PH/S were purchased from BitDeer's subsidiary at a price of approximately RMB 31.3 million.

At present, the company's official website profile has also completely changed:

500.com Limited is committed to becoming the world's leading cryptocurrency mining company. Since December 2020, the company has continued to purchase Bitcoin mining machines, increased its stake in its subsidiary Lotto Interactive Entertainment (HKEX stock code: 08198), which owns a cryptocurrency mining farm, and acquired the BTC.com mining pool, BTC.com domain name, and cryptocurrency wallet business, launching a comprehensive layout in the field of cryptocurrency mining.