SHENZHEN, China, Feb. 2, 2021 /PRNewswire/ -- 500.com Limited
(NYSE: WBAI) ("500.com" or the "Company"), today announced that it
has entered into a definitive purchase agreement (the "Purchase
Agreement") for 5,900 bitcoin mining machines for a total
consideration of approximately RMB55.2
million (approximately US$8.5
million). All of the bitcoin
mining machines are expected to be delivered in the second quarter
of 2021.
Concurrently with the Purchase Agreement, the Company today
announced that it has entered into a framework agreement (the
"Framework Agreement"), pursuant to which the Company has agreed in
principle to purchase up to 10,000 bitcoin mining machines in 2021,
subject to availability and certain other conditions. The Company
is required to pay a performance bond of RMB2,000 per machine for the first 5,000
machines, or RMB10 million
(approximately US$1.5 million) in
aggregate.
Assuming full delivery of the 15,900 bitcoin mining machines,
the Company's total hash rate will be increased by approximately
1,000 petahashes per second (PH/S).
About 500.com Limited
500.com Limited (NYSE: WBAI) is an online sports lottery service
provider in China. The Company
offers a comprehensive and integrated suite of online lottery
services, information, user tools and virtual community venues to
its users. Most recently, 500.com is actively developing its
blockchain-related business.
Safe Harbor Statements
This news release contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, and as defined in the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements can be
identified by terminology such as "will," "expects," "anticipates,"
"future," "intends," "plans," "believes," "estimates," "target,"
"going forward," "outlook" and similar statements. Such statements
are based upon management's current expectations and current market
and operating conditions, and relate to events that involve known
or unknown risks, uncertainties and other factors, all of which are
difficult to predict and many of which are beyond the Company's
control, which may cause the Company's actual results, performance
or achievements to differ materially from those in the
forward-looking statements. Further information regarding these and
other risks, uncertainties or factors is included in the Company's
filings with the U.S. Securities and Exchange Commission. The
Company does not undertake any obligation to update any
forward-looking statement as a result of new information, future
events or otherwise, except as required under law.
For more information, please contact:
500.com Limited
ir@500wan.com
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SOURCE 500.com Limited
