Chinese firm 500.com turns to years-old hardware as it scales up bitcoin mining operations

500.com, the Chinese company that recently announced its acquisition of mining pool service BTC.com, said Monday that it completed a mining hardware transaction — one that saw the firm obtaining models that date back to 2016.

As previously reported, 500.com — indirectly backed by Chinese state capital — quietly built up a mining business after making its start as an internet lottery company. Its planned buy-out of BTC.com put the Chinese firm's operations in the public spotlight, including the bid to build a more powerful mining operation. 

According to the statement, the latest deal "was previously announced on January 11, 2021. The bitcoin mining machines acquired in this transaction (the “Bitcoin Mining Machines”) include such models as the S17, T17, M20s and S9."

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