BIT Mining Limited, a Hong Kong-based cryptocurrency mining company, announced on Tuesday that it had completed the first closing of its share exchange agreement entered into by the company and the shareholders of Bee Computing Limited.
According to the press release, today, the firm issued 16,038,930 of its Class A ordinary shares to the Selling Shareholders under the Amended and Restated Share Exchange Agreement. As a result of the first closing, certain closing conditions were satisfied, among them Bee Computing’s completion of certain reorganization steps and other customary conditions.
Pursuant to the Amended and Restated Share Exchange Agreement, BIT Mining Limited is subject to the achievement of certain milestones, such as the development and mass-production of a new generation of Bitcoin mining machines incorporating 7-nanometer application-specific integrated circuits and the successful development of high-performance and mass-producible Ethereum ASIC mining machines, with certain power consumption and cost control targets.
Machines Developed
“We are pleased to announce the first closing of our Bee Computing acquisition and are excited about the progress Bee Computing has made in developing and manufacturing cryptocurrency mining chips and machines. Bee Computing has a unique R&D team which continues to achieve remarkable milestones. Going forward, we plan to devote additional resources to assist Bee Computing in its development and manufacture of more mainstream cryptocurrency mining chips and machines with increasingly cost-effective performance advantages. We believe its capabilities will optimize our product offerings and further enhance our position along the blockchain industry value chain,” Xianfeng Yang, the CEO of BIT Mining, commented.
In addition to developing new Bitcoin mining machines, Bee Computing is developing mining chips and machines for ETC and LTC. Moreover, Bitcoin mining machines of the new generation will come with 7-nanometer chips and offer a theoretical computing power of 110 TH/s while consuming 3,300W of power. A successful IC design has been completed by the ETC mining machines using 3-D wafer-over-wafer packaging (WoW).
