CHINESE SPORTS LOTTERY OPERATOR 500.COM ORDERS 5,900 BITCOIN MINING MACHINES

Chinese sports lottery operator 500.com has ordered 5,900 Bitcoin (BTC) mining machines, worth approximately RMB55.2M (around $8.5M USD). 

500.com announced its intention to purchase Bitcoin miners last month, and expects the new machines to be delivered in the second quarter of 2021. An initial agreement to purchase another 10,000 machines this year has also been signed, though the specific conditions are subject to change.

The Bitcoin mining machine deal will see 500.com pay a performance bond of RMB2,000 per machine for the first 5,000 machines, equating to RMB10M (approx. $1.5M) in total. Revenues are expected to be generated from Bitcoin mining efforts within the first half of 2021.

500.com Limited offers a comprehensive suite of online lottery services, information, user tools, and virtual community venues to its users, and was among the first companies to provide online lottery services in China. It is one of just two entities to have been approved by the Ministry of Finance to provide online lottery sales service on behalf of China Sports Lottery Administration Center.  

The company’s Malta-based subsidiary, The Multi Group, has a strong presence in the lucrative Nordic online gambling market .

AYO.NEWS says:

With the long-term outlook for Bitcoin looking good, it makes perfect sense for any large business, no matter which sectors they operate in, to consider investing in their own mining capabilities. Will we see more large operators follow 500.com’s lead over the coming year?

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

All original content featured on this site is © Pentagon Digital Limited, 2019-2021.