Chinese crypto mining company BIT Mining announced the first closing of its acquisition of Bee Computing, a manufacturer of mining hardware.
The Company issued 16,038,930 of its Class A ordinary shares to the selling shareholders, according to an announcement on Tuesday.
"(We) are excited about the progress Bee Computing has made in developing and manufacturing cryptocurrency mining chips and machines," said Xianfeng Yang, CEO of BIT Mining.
Bee Computing produces both chips and machines for the mining of various cryptocurrencies, including Bitcoin, Ethereum and Litecoin. It is currently developing three types of mining machines.
Per the announcement, the company should achieve a series of milestones, including the development and mass-production of a new generation of Bitcoin mining machines and the successful development of high-performance and mass-producible Ethereum ASIC mining machines.
"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," Yang said.
The company announced results for the first quarter of 2022 last week, reporting a 40% dip in revenue.