China s bitcoin ban is forcing miners to dump their machines and shift overseas dealstreetasia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dealstreetasia.com Daily Mail and Mail on Sunday newspapers.
What Happened: Shenzhen-based Bitcoin miner
BIT Mining (NYSE:BTCM) has already shipped some of its mining equipment outside China, according to a press release from the company.
The company reported that 320 mining machines with a capacity of 18.2 PH/s had been delivered to a facility in Kazakhstan, which is expected to be fully operational by June 27.
A second and third batch, totaling 2,600 mining machines with a theoretical maximum total hash rate capacity of 102.3 PH/s, are also expected to be delivered to Kazakhstan before July 1, 202.
Why It Matters: The company’s overseas deployment strategy was put into effect after it received a notice from the State Grid Sichuan Ganzi Electric Power supplier notifying them that the power supply would be suspended on June 19.
Bitcoin Mining Companies Exiting China As Authorities Crackdown On Cryptocurrencies forbes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from forbes.com Daily Mail and Mail on Sunday newspapers.
500.com continues cryptocurrency forays with BTC.com acquisition
16th February 2021
| By Daniel O Boyle
Chinese lottery services provider 500.com has continued its expansion into the world of cryptocurrency with the acquisition of Blockchain Alliance Technologies, which owns BTC.com.
Under the deal, 500.com will issue 44,353,435 new Class A ordinary shares – representing around 10% of its overall share capital – to Blockchain Alliance in exchange for all of its shares.
The deal is expected to close by 15 April, 2021.
BTC.com, Blockchain Alliance’s flagship product, offers cryptocurrency mining pool services and cryptocurrency wallets, as well as information about cryptocurrencies.
In addition to the initial payment of shares, if the BTC.com mining pool business records a net operating profit in the fiscal year ending December 31, 2021, 500.com will issue further shares, up to a maximum of 22,176,718 if the profit totals $20m or more.