The NYSE-listed lottery firm may also acquire another 10,000 miners this year.

Feb 2, 2021 at 11:10 a.m. UTC

China’s 500.com to Purchase Another $8.5M-Worth of Bitcoin Miners

U.S.-listed Chinese sports lottery firm 500.com (NYSE: WBAI) is set to acquire another batch of bitcoin mining machines after it announced a pivot to the cryptocurrency space in January.

500.com said Tuesday it has inked a definitive agreement to purchase 5,900 bitcoin mining machines for 55.2 million yuan (around $8.5 million), expected to be delivered in the second quarter of this year.Under a wider a framework agreement, the company has agreed in principle to purchase up to 10,000 bitcoin mining machines in 2021, subject to availability.Under the deal, 500.com is required to pay a performance bond of 2,000 yuan ($309) per machine for the first 5,000 machines, or 10 million yuan (roughly $1.5 million) in total.If all 15,900 bitcoin mining machines are delivered, the firm's total hash rate is expected to increased by 1,000 petahashes per second.500.com first announced on Jan. 11 that it planned to mine bitcoin, saying it would acquire devices worth $14.4 million in an all-equity deal.