500.com to purchase up to 10,000 bitcoin mining machines

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500.com to purchase up to 10,000 bitcoin mining machines

Chinese operator 500.com has confirmed it’s signed a definitive purchase agreement for 5,900 bitcoin mining machines for a total consideration of approximately RMB55.2m (approximately $8.5m).

Previously, 500.com was more associated with online gaming, while its Malta-based subsidiary The Multi Group has a prominent presence in the Nordic market.

The bitcoin mining machines should reach the company in the second quarter of 2021. The company has also entered into a framework agreement to purchase up to 10,000 bitcoin mining machines in 2021, but the conditions are subject to change.

The first 5,000 machines would require the company to pay a performance bond of RMB2,000 per machine, with a total of RMB10m on aggregate.

The operator announced its plans to mine bitcoin back on 11 January.

With the acquisition of the bitcoin machines, the company expects to begin generating revenue from the new venture in the first half of 2021.

Last year, 500.com was the subject of a bribery scandal involving Japanese lawmakers and the bid for an IR.

Subsequently, the Chinese firm dropped out of the bidding and replaced its former auditors.

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