BIT Mining completes first closing in Bee Computing acquisition

Mining • May 31, 2022, 1:13PM EDT

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.

About Author

Catarina is a reporter for The Block based in New York City. Before joining the team, she covered local news at Patch.com and at the New York Daily News. She started her career in Lisbon, Portugal, where she worked for publications such as Público and Sábado. She graduated from NYU with a MA in Journalism. Feel free to email any comments or tips to [email protected] or to reach out on Twitter (@catarinalsm).