500.com Limited (NYSE: WBAI) disclosed that it has signed an agreement with a unit of BitDeer to buy 1,923 S17 Bitcoin mining machines for a total payment of RMB31.3 million which is nearly US$4.9 million. The firm has revealed that it is planning to implement and in operation in Xinjiang, with a total processing power of 113 PH/s.
The firm has paid the complete amount in full, and the Seller has moved ownership of all the mining machines. The firm has officially started creating revenue from cryptocurrency mining operations. 500.com has revealed that earlier on January 11, 2021, the firm has bought a mining machine with a total of 918 PH/s processing power. These machines will be implemented by the end of March 2021.
Furthermore, it has also purchased 5,900 new mining machines with a total processing power of 306 PH/s. These mining machines are anticipated to be installed by the end of May 2021. As such, the firm anticipates having Bitcoin mining machines with a total processing power of 1,337 PH/s by the end of the first half of 2021.
Additionally, the firm has also disclosed that it has signed an agreement to buy 2,000 new ETH mining machines for a total payment of RMB195 Million. As per the deal, a total of 100 ETH mining machines are to be shipped during May- June 2021, 300 ETH mining machines are to be shipped during July- August 2021 and the leftover 1,600 ETH machines are to be shipped during September- December 2021. These ETH mining machines bought by the firm have an energy use ratio of not more than 1 MH/W.
As per the prediction, the total processing power of ETH machines is anticipated to be 4,800 GH/s. This signifies the total power of the whole ETH network is 1.23% and the firm has estimated that using this much power the ETH machine can produce the highest possible of 330 ETH per day.