A public company from China invests $ 155 million in mining

Zhongjia Bochuang (ZJBC), traded on the Shenzhen Stock Exchange, with a capitalization of about $ 900 million, plans to increase investment in Bitcoin mining, according to The Block .

The firm said it has signed a partnership with Shenzhen-based ASIC miner manufacturer MicroBT. ZJBC plans to invest up to 1 billion yuan (~ $ 155 million) in Whatsminer-branded equipment over the next two years.

“The scale in the first year will be at least 20,000 units, the first batch should be delivered by May 2021, with at least 2,000 units,” the ZJBC said in a statement.

The main directions of the firm’s business are outsourcing of financial services, cloud communications and network maintenance. However, through a subsidiary since 2018, ZJBC has been receiving income from a bitcoin mining farm in Sichuan.

ZJBC Chairman Woo Ying was an angel investor in MicroBT and is now one of the main shareholders of the miner manufacturer.

Recall that the Chinese public company 500.com Limited, an online lottery service provider, after purchasing the mining pool BTC.com decided to change its name to BIT Mining Limited.

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