On May 31, BIT Mining, a Chinese cryptocurrency mining company, announced the closing of its first acquisition of Bee Computing, a mining hardware manufacturer.
BIT Mining (NYSE: BTCM) is a leading technology-based cryptocurrency mining company with a long-term strategy to create value in the cryptocurrency industry.
Its business includes cryptocurrency mining, mining pools, and data center operations. The Company owns the world’s leading blockchain browser BTC.com and a comprehensive mining pool business operated under BTC.com, providing multi-currency mining services, including BTC, ETH, and LTC.
The Company also owns a 7-nanometer cryptocurrency mining machine manufacturer, Bee Computing, completing the Company’s vertical integration with the supply chain, increasing self-sufficiency, and strengthening its competitive position.
BIT Mining says that Bee Computing, which it acquired, will launch a 7nm Bitcoin miner with a theoretical hash rate of up to 110 TH/s with a power consumption of 3,300W. It will also launch ETC and LTC miners.
According to an announcement on Tuesday, the Company has issued 16,038,930 shares of Class A common stock for sale to shareholders.
Bee Computing manufactures both chips and machines for mining various cryptocurrencies, including Bitcoin, Ethereum, and Litecoin. It is currently developing three types of mining machines.
According to the announcement, the Company will achieve a series of milestones, including the development and mass production of a new generation of Bitcoin miners and the successful development of high-performance and capable Ethereum ASIC miners mass production.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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