BIT Mining completes first closing in Bee Computing acquisition

Chinese language crypto mining firm BIT Mining introduced the primary closing of its acquisition of Bee Computing, a producer of mining {hardware}.

The Firm issued 16,038,930 of its Class A extraordinary shares to the promoting shareholders, based on an announcement on Tuesday.

“(We) are excited concerning the progress Bee Computing has made in creating and manufacturing cryptocurrency mining chips and machines,” mentioned Xianfeng Yang, CEO of BIT Mining.

Bee Computing produces each chips and machines for the mining of assorted cryptocurrencies, together with Bitcoin, Ethereum and Litecoin. It’s at present creating three forms of mining machines.

Per the announcement, the corporate ought to obtain a collection of milestones, together with the event and mass-production of a brand new technology of Bitcoin mining machines and the profitable improvement of high-performance and mass-producible Ethereum ASIC mining machines.

“Going ahead, we plan to commit extra sources to help Bee Computing in its improvement and manufacture of extra mainstream cryptocurrency mining chips and machines with more and more cost-effective efficiency benefits,” Yang mentioned.

The corporate introduced outcomes for the primary quarter of 2022 final week, reporting a 40% dip in income.