500.com has acquired an extra 15,900 Bitcoin mining machines with a mixed hash fee of round 1,000 petahashes a second.
Chinese language on-line playing operator 500.com has introduced an extra growth of its Bitcoin mining operations. The announcement comes lower than a month after the corporate’s earlier mining ramp-up.
The corporate will buy an further 15,900 Bitcoin mining machines by means of two separate agreements. The provider expects all machines to be delivered throughout the second quarter of the yr.
By way of the primary deal, 500.com will purchase 5,900 model new mining machines for a consideration of round ¥55.2 million (roughly $8.5 million). The remaining 10,000 mining items shall be bought by means of a second deal at ¥2,000 per machine for the primary 5,000 machines.
Mixed, the 15,900 mining items would enhance 500.com’s hash fee by round 1,000 petahashes per second. Hash fee refers back to the variety of operations a machine can carry out each second with a view to mine cryptocurrencies.
Heavy Give attention to Cryptocurrencies and Blockchain
The corporate has been extremely lively this yr and has made substantial and decisive steps in increasing its cryptocurrency enterprise.
That is the corporate’s second massive Bitcoin miner buy. Lower than a full month in the past, 500.com acquired mining items valued at roughly ¥93.04 million ($14.4 million). The machines’ operational velocity is estimated round 918.5 petahashes.
Which means that the provider’s 2021 Bitcoin miner acquisitions would enhance its complete mining velocity by nearly 2,000 petahashes or 1.9 exahashes per second.
Once more in January, the lottery supplier grew to become a majority shareholder of Loto Interactive by purchasing an additional 169 million shares in the company. This boosted its stake to 54.2% up from 33.7%. Amongst different issues, Loto Interactive affords supervision and administration of cryptocurrency mining.
It’s clear that the provider needs to recentre its enterprise round cryptocurrencies. To that finish, 500.com appointed Xianfeng Yang as its new Chief Government Officer in early January this yr. Yang has years of expertise within the blockchain and cryptocurrency sector and has affirmed the corporate’s choice to discover new enterprise ventures.