500.com Limited Completes Acquisition of Bitcoin Mining Machines with Total Hash Rate Capacity of Approximately 918.5 PH/s

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SHENZHEN, China, March 15, 2021 /PRNewswire/ -- 500.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 newly-issued Class A ordinary shares valued at US$1.21 per 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. The theoretical maximum total hash rate capacity of the  Bitcoin 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, will have a total hash rate capacity of up to approximately 1000 PH/s in aggregate.

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