500.com, a company that is often discussed in China’s news about the lottery sector has announced that it switches to the blockchain vertical.
The firm is going to mine BTCs and has already bought the equipment necessary for this process.
The company hopes to improve its financial condition
The idea to change the vertical of operation is mostly caused by the financial problems, which the lottery services provider has recently faced. Bitcoin mining seems a more profitable sector to it, allowing the company to extend the list of revenue channels.
The firm has already bought almost six thousand devices for this procedure under an agreement with the other party, which isn’t disclosed. It spent 8.5 million dollars on them, which also influenced its financial situation. However, according to the deal, it will purchase another portion of mining machines in 2021 – ten thousand. With this number of devices, 500.com will be able to achieve high rates in BTC mining. The lottery provider will also pay out a certain amount of money, confirming the performance of obligations.
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