Jan 11, 2021 at 2:44 p.m.UTC Updated Jan 11, 2021 at 2:47 p.m.UTC US-Listed Chinese Lottery Firm Plans $14.4M Move Into Bitcoin Mining
Chinese sports lottery firm 500.com (NYSE: WBAI) announced Monday that it has entered into a purchase agreement to acquire bitcoin mining machines.500.com said it expects to issue $14.4 million-worth of its Class A ordinary shares as consideration to acquire the bitcoin mining machines from an unnamed seller from outside the U.S.The company will issue around 11.8 million shares valued at $1.21 per share, with the transaction expected to be completed in the first quarter of this year.If the deal goes ahead the acquisition would see 500.com acquire S17, T17 and S9 mining devices from Bitmain and M20s from MicroBT.Total hash power capacity of the machines is estimated to be approximately 918.5 petahertz per second.
The timeline for the installation of the bitcoin mining machines would be within four weeks of acquisition, with revenue from bitcoin mining expected to start rolling in during the first half of 2021.Shares of the company traded up 11% on the news.Share this: ‘The Internet Was Illegal’ and Other Early Stories With Zooko Wilcox Jan 12, 2020 at 14:40 UTCUpdated Jan 12, 2020 at 14:42 UTC‘The Internet Was Illegal’ and Other Early Stories With Zooko WilcoxThe best Sundays are for long reads and deep conversations.
Earlier this week, the Let’s Talk Bitcoin! show enlisted CoinDesk reporter Leigh Cuen and early cypherpunk Zooko Wilcox for a conversation on the history,… Chinese Financial Watchdog Warns of Manipulative Crypto Exchanges Chinese financial watchdog NIFA warned investors of fraudulent trading by crypto exchanges.(Credit: asiastock / Shutterstock)The National Internet Finance Association of China (NIFA), a major Chinese financial watchdog, warned investors of rising risks in crypto investments.While manipulation is a longstanding concern for crypto investors, NIFA’s warning is notable for also pushing back on the narrative… CFTC Charges Florida Resident With Defrauding Crypto Investors Out of $1.6M Apr 16, 2020 at 20:08 UTCUpdated Apr 16, 2020 at 21:27 UTCCompcoin brought in $1.6 million, the CFTC claimed, and even managed to get listed – temporarily – on digital asset exchanges during its sale from 2016 through 2018.(CFTC Chair Heath Tarbert image via CoinDesk archives)The Commodity Futures Trading Commission (CFTC) has charged a… Bitcoin Miner Supply Sent to Exchanges Fell to 12-Month Lows in Q2 2020 Jul 16, 2020 at 18:35 UTCBitcoin miners curtailed their supply to exchanges to the lowest level in 12 months during the second quarter, revealing their long-term bias on the cryptocurrency.The daily miner selling activity, as measured by the percentage of bitcoin sent to exchanges, fell to a 365-day low of 15% on May 20,… Bitcoin News Roundup for Sept.
25, 2020 Sep 25, 2020 at 16:00 UTCBitcoin News Roundup for Sept.25, 2020With bitcoin’s best day in two months and a surprisingly positive report out of Chinese state media, CoinDesk’s Markets Daily is back for your latest crypto news roundup!For early access before our regular noon Eastern time releases , subscribe with Apple Podcasts, Spotify, Pocketcasts, Google Podcasts, Castbox, Stitcher, RadioPublica or RSS.This episode is… Libra vs.DCEP? The Battle for the Future of Money Heats Up Apr 16, 2020 at 19:00 UTCNLW breaks down libra’s new fiat-pegged model, DCEP’s trial app and China’s Blockchain Service NetworkFor more episodes and free early access before our regular 3 p.m.Eastern time releases, subscribe with Apple Podcasts, Spotify, Pocketcasts, Google Podcasts, Castbox, Stitcher, RadioPublica, IHeartRadio or RSS.This week saw the latest salvos in the… Global Regulators Warn on Privacy Risks of Facebook’s Libra news Data protection chiefs from across the globe have united to express concerns over the privacy risks posed by Facebook’s Libra cryptocurrency project.
In a joint statement published on Monday by the U.K.Information Commissioner’s Office (ICO), data privacy commissioners from Australia, Albania, Burkina Faso, Canada, the EU, the U.K., the U.S., shared concerns that “while… FinCen Warns on Ransomware Attacks, Notes Increased Targeting of Government Entities Amid a rising incidence of ransomware attacks being reported this year, the U.S.Financial Crimes Enforcement Network (FinCen) issued an advisory Thursday concerning such attacks.FinCen’s advisory notes that governmental entities, and financial, educational, and healthcare institutions have been particularly targeted by these attacks.The financial watchdog’s advisory notes that the “severity and sophistication” of such attacks… CoinDesk Live: Understanding Our Digital Personas Feat.Alex McDougall Apr 21, 2020 at 19:38 UTCUpdated Apr 21, 2020 at 20:08 UTCPhoto by Richard Ciraulo on Unsplash Sign up to join next CoinDesk Live on Tuesday, April 21 at 4pm eastern time (live now!), with Priyanka Desai and Aaron Wright from The Lao as we discuss for-profit DAOs.Welcome to a reboot of CoinDesk Live: Lockdown Edition,… Leave a Reply You must be logged in to post a comment.
Search.