<p>Chinese crypto mining company BIT Mining announced the first closing of its acquisition of Bee Computing, a manufacturer of mining hardware.</p> <p>The Company issued 16,038,930 of its Class A ordinary shares to the selling shareholders, <a href="https://ir.btc.com/news/pressDetail/23442">according to an announcement</a> on Tuesday.</p> <p>"(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.</p> <p>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.</p> <p>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.</p> <p>"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.</p> <p>The company announced <a href="https://www.theblockcrypto.com/linked/149132/bit-mining-reports-40-dip-in-revenue-during-q1-2022">results for the first quarter of 2022</a> last week, reporting a 40% dip in revenue.</p>