Chinese online lottery organization 500.com has absorbed Bee Computing, a Hong Kong-enrolled producer of bitcoin mining machines, for $100 million, as indicated by a documentation with the U.S. Protections and Exchange Commission.
500.com, which changed its name to BIT Mining Limited in March, has been discreetly moving its concentration from its striving on the web lottery business to bitcoin mining in the course of the most recent four years. The organization sped up that change toward the end of last year in the midst of bitcoin’s notable bull run, making it one of numerous traded on an open market organization attempting to benefit at bitcoin’s increasing cost.
It is currently one of only a handful of huge scope organizations in the crypto-mining business in the wake of gaining the third-biggest mining pool, BTC.com, and three mining ranches under its Loto Interactive unit. The organization is wandering into the matter of making mining machines with the most recent arrangement, which comes when mining organizations are hard to come by.
BIT Mining said Bee Computing has worked with MTK, which is the biggest chip creator in Asia, to make a seven-nanometer chip for bitcoin mining. Taiwan Semiconductor Manufacturing Co. (TSMC) will supply the chips, as indicated by Yufei Jiang, CEO of Bee Computing.
Jiang said Bee Computing has gotten backing from the absolute most persuasive organizations in the semiconductor business. MTK put $9.5 million out of a Series B round, and Taiwan-based ASE Group, which is the main semiconductor gathering and test organization, put $3 million in the equivalent round.
Bee Computing’s present miner model’s presentation is like Bitmain’s T17, which will in general have higher energy utilization than Bitmain’s S17 however is less incredible than Bitmain’s most recent model S19. Jiang said Bee Computing’s innovative work eased back down during the bear market a couple of years prior however the organization can hurry up with new capital from BIT Mining.
BIT Mining is set to put $30 million in Bee Computing’s exploration to grow better 7-nm chips for bitcoin mining and more excellent miners for ether and litecoin. Jiang said the organization would have the option to test new chips by October.
Crypto miners utilize the application-explicit incorporated circuit (ASIC), which is a coordinated circuit chip, to mine digital forms of money, for example, bitcoin. The 7-nm figure alludes to the size of the semiconductor. The more modest the part is, the more you can find a way into a piece of silicon and the more impressive the mining machine becomes, making the chip perhaps the most sought-after segments for any major bitcoin miner producer.
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