Benzinga | Feb 2, 2021 05:15AM EST

500.com Entered into Two Agreements to Acquire 5,900 and 10,000 Bitcoin Mining Machines

500.com Limited (NYSE:WBAI) 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).