HONG
KONG, May 31, 2022 /PRNewswire/ -- BIT
Mining Limited (NYSE: BTCM) ("BIT Mining" or the "Company"), a
leading technology-driven cryptocurrency mining company, today
announced it has successfully completed the first closing of its
previously announced share exchange agreement dated April 5, 2021 (as amended and restated in
April 2022, the "Amended and Restated
Share 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
Restated Share Exchange Agreement, the Company today issued
16,038,930 of its Class A ordinary shares to the Selling
Shareholders. The first closing occurred following the satisfaction
or waiver of certain required closing conditions, including, among
others, Bee Computing's completion of certain reorganization steps
and other customary conditions.
Pursuant to the Amended and Restated Share Exchange Agreement,
the Company shall issue (i) up to 18,330,210 of its Class A
ordinary shares to the Selling Shareholders, and (ii) up to
4,582,560 of its Class A ordinary shares to certain research and
development team members, subject to 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 and
mass-producible Ethereum ASIC mining machines, with
certain power consumption and cost control targets; and
- Successful development of high-performance and mass-producible
LTC ASIC mining machines.
Bee Computing was established in 2018 and specializes in the
development and manufacture of cryptocurrency mining chips and
mining machines for different cryptocurrencies, including BTC,
ETH and LTC. Bee Computing has successfully mass produced
over 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 mining machines will also be
equipped with 7-nanometer chips and have theoretical computing
power of up to 110 TH/s with a power consumption of
3,300W. The ETC mining machines have completed a successful IC
design, using Wafer-over-Wafer (WoW) 3-D packaging techniques. This
niche IC packing technology would increase the mining machines'
theoretical computing power up to 1.44 GH/s per machine,
potentially making it one of the leading mining machines in terms
of processing ability. Lastly, the LTC mining machines are also
under development, with a planned computing power of 3,000 MH/s and
power consumption of 1,800W.
"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," commented Mr. Xianfeng Yang, CEO of BIT Mining. "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."
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. Its business covers
cryptocurrency mining, mining pool, and data center operation. The
Company owns the world's top blockchain browser BTC.com and the
comprehensive mining pool business operated under BTC.com,
providing multi-currency mining services 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.
Forward-Looking 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. Important factors that could cause BIT
Mining's actual results to differ materially from those indicated
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 further information:
BIT Mining Limited
ir@btcm.group
ir.btcm.group
www.btcm.group
The Piacente Group, Inc.
Brandi Piacente
Tel: +1 (212) 481-2050
Email: BITMining@thepiacentegroup.com
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SOURCE BIT Mining Limited