Chinese language operator 500.com has confirmed it is signed a definitive buy settlement for five,900 bitcoin mining machines for a complete consideration of roughly RMB55.2m (roughly $8.5m).
Beforehand, 500.com was extra related to on-line gaming, whereas its Malta-based subsidiary The Multi Group has a distinguished presence within the Nordic market.
The bitcoin mining machines ought to attain the corporate within the second quarter of 2021. The corporate has additionally entered right into a framework settlement to buy as much as 10,000 bitcoin mining machines in 2021, however the situations are topic to vary.
The primary 5,000 machines would require the corporate to pay a efficiency bond of RMB2,000 per machine, with a complete of RMB10m on mixture.
The operator introduced its plans to mine bitcoin again on 11 January.
With the acquisition of the bitcoin machines, the corporate expects to start producing income from the brand new enterprise within the first half of 2021.
Final yr, 500.com was the topic of a bribery scandal involving Japanese lawmakers and the bid for an IR.
Subsequently, the Chinese language agency dropped out of the bidding and changed its former auditors.