HONG KONG, May 31, 2022 /PRNewswire/ — BIT Mining Limited (NYSE: BTCM) (“BIT Mining” or the “Company”), a leading technology-driven cryptocurrency mining company, announced today that it has successfully completed the first closing of its previously announced stock exchange dated April 5, 2021 (modified and reformulated in april 2022, the “Amended and Restated Stock Exchange Agreement”) entered into by the Company and the shareholders (the “Selling Shareholders”) of Bee Computing (HK) Limited (“Bee Computing”). At the first closing of the Amended and Updated Stock Exchange Agreement, the Company today issued 16,038,930 of its Class A common shares to Selling Stockholders. The first closing occurred upon the satisfaction or waiver of certain required closing conditions, including, but not limited to, Bee Computing’s completion of certain reorganization steps and other customary conditions.
Pursuant to the Amended and Restated Stock Exchange Agreement, the Company will issue (i) up to 18,330,210 of its Class A common shares to the Selling Stockholders, and (ii) up to 4,582,560 of its Class A common shares to certain research and member development, subject to the achievement of the following milestones:
- Development and mass production of a new generation of Bitcoin mining machines incorporating 7-nanometer application-specific integrated circuits (“ASICs”);
- Successful development of high-performance, mass-producible Ethereum ASIC mining machines, with certain energy consumption and cost control targets; Y
- Successful development of high-performance, mass-producible LTC ASIC mining machines.
Bee Computing was established in 2018 and specializes in the development and manufacturing of cryptocurrency mining chips and mining machines for different cryptocurrencies including BTC, ETH, and LTC. Bee Computing has successfully mass-produced more than 15,000 units of supercomputing mining machines, equipped with 7-nanometer E2P chips. Currently, Bee Computing is in the process of developing three types of mining machines, including a new generation of Bitcoin mining machines, ETC and LTC mining chips, and mining machines.
The new generation of Bitcoin miners will also be equipped with 7-nanometer chips and have a theoretical computing power of up to 110 TH/s with a power consumption of 3,300 W. ETC miners have completed an IC design successful, using 3-D Wafer-over-Wafer (WoW) packaging techniques. This niche IC packaging technology would increase the theoretical computing power of mining machines up to 1.44 GH/s per machine, potentially making it one of the leading miners in terms of processing power. Lastly, LTC miners are also under development, with a planned computing power of 3,000 MH/s and power consumption of 1,800 W.
“We are pleased to announce the first closing of our acquisition of Bee Computing and are excited about the progress Bee Computing has made in developing and manufacturing cryptocurrency mining chips and machines,” commented Mr. Xian Feng Yang, CEO of BIT Mining. “Bee Computing has a unique R&D team that continues to achieve remarkable milestones. In the future, we plan to dedicate additional resources to assist Bee Computing in its development and manufacturing of more conventional cryptocurrency mining chips and machines with performance advantages every time.” increasingly profitable. We believe its capabilities will enhance our product offerings and further enhance our position throughout the blockchain industry value chain.”
About BIT mining
BIT Mining (NYSE: BTCM) is a leading technology-driven cryptocurrency mining company with a long-term strategy to create value across the cryptocurrency industry. Their business covers cryptocurrency mining, mining pool, and data center operation. The company owns the world’s largest blockchain browser, BTC.com, and the comprehensive mining pool business operated under BTC.com, which provides mining services in multiple currencies, 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 its supply chain, increasing its self-sufficiency and strengthening its competitive position.
This press 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”, “go ahead”, “perspective” and similar statements. Such statements are based on management’s current expectations and current market and operating conditions and relate to events involving known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are outside of 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. Important factors that could cause BIT Mining’s actual results to differ materially from those indicated in the forward-looking statements. More information about these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. The Company undertakes no obligation to update any forward-looking statements as a result of new information, future events or others, except as required by law.
For more information:
The Piacente Group, Inc.
Phone: +1 (212) 481-2050
SOURCE BIT Mining Limited