Sports Gambling Website 500.com Acquires Bitcoin Mining Pool BTC.com

Today, Shenzhen, China-based sports lottery site 500.com announced the acquisition of major Bitcoin mining pool BTC.com from Blockchain Alliance Technologies Holding Company via a share-swap agreement. Blockchain Alliance is operated by BitDeer, which itself is chaired by Jihan Wu, the co-founder of bitcoin mining giant Bitmain.

The terms of this purchase agreement include 500.com using 10 percent of its own outstanding shares to execute it, according to the announcement. The terms also outlined additional share issuances based on the performance of BTC.com businesses.

According to BTC.com mining pool data, it is currently the fourth-largest pool by block validation, contributing just over 10 percent of the total network hash rate over the last three days. As of the time of this writing, BTC.com maintains a hash rate of 15.36 exhahashes per second across that timeframe.

This news comes hot off the heels of 500.com’s announcement in early February that it is purchasing 15,900 bitcoin mining rigs. This is rapid advancement for the online gambling company, which only just announced its intention to enter the blockchain space in January. 

See Also

Major bitcoin mining pool Poolin has launched an initiative activate Taproot, which will ultimately require miner support.


It also begs the question of what other non-Bitcoin focused companies will target mining pools for acquisition in the near future. As we see more companies adopt bitcoin as part of their corporate reserve strategies, mergers and acquisitions like this one might be the next steps in the advancement of bitcoin exposure by Wall Street and other institutions.

Source

Tagged : / / / / / /

Chinese Lottery Firm 500.com Acquires Crypto Mining Pool BTC.com

U.S.-listed Chinese sports lottery firm 500.com (NYSE: WBAI) said Tuesday it’s inked a share-swap deal to acquire the cryptocurrency mining pool business of Bitdeer Technologies, including BTC.com.

According to an announcement, the agreement will see 500.com purchase all the shares of Bitdeer-owned Blockchain Alliance, which is based in the Cayman Islands, with 10% of its own shares. 

A cryptocurrency cloud mining firm, Bitdeer Technologies is majority owned by its charman, Jihan Wu, who recently resigned as the CEO and chairman of mining giant Bitmain following a lengthy dispute with a co-founder. BTC.com’s pool mines various cryptocurrencies including bitcoin, bitcoin cash, ether and litecoin. 

The stock swap announced by 500.com will include the transfer of the entire mining pool business of Bitdeer Technologies, including the domain name BTC.com and the cryptocurrency wallet of BTC.com and is expected to occur around April.

This year, 500.com has been busy making moves to acquire batches of bitcoin mining machines after it announced a pivot to the cryptocurrency space in January. 

Disclosure

Source

Tagged : / / / / / /

Bitcoin Mining Pool BTC.com Has Been Sold to 500.com

In brief

  • 500.com has announced the purchase of BTC.com’s mining business.
  • 500.com is an online sports lottery provider.
  • The transaction is expected to go through on or before April 15, 2021.

Online sports lottery provider 500.com has acquired the Bitcoin mining pool BTC.com, according to a press release.

500.com offers an array of online lottery services, and has recently been seeking to develop its blockchain-related business and products. This now includes cryptocurrency mining. 

The purchase was executed as part of a share exchange agreement with Blockchain Alliance Technologies Holding Company in the Cayman Islands. The first group of transactions executed under this agreement include the transfer of the entirety of BTC.com’s mining operation to 500.com, and is expected to occur either on, or before April 15, 2021. 

The mining pool business—including the domain name and cryptocurrency wallet—is operated under BTC.com, but belongs to Bitdeer Technologies Holding Company, the parent company of Blockchain Alliance.

Established in 2016, users can search and browse real-time blockchain information using BTC.com, and manage their mining business through the BTC.com website or app. Users are also able to save the cryptocurrency they have mined in the BTC.com wallet.

In addition, 500.com and Blockchain Alliance also agreed that if the BTC.com mining pool business records a net operating profit in the fiscal year ending December 31, 2021, 500.com will issue additional shares to Blockchain Alliance.

On the other hand, if the BTC.com mining pool business records a net operating loss in the same financial year, 500.com will be entitled to the repurchase of shares held by Blockchain Alliance.

Source

Tagged : / / / / / / /
Bitcoin (BTC) $ 27,685.42 2.03%
Ethereum (ETH) $ 1,890.24 1.45%
Litecoin (LTC) $ 90.85 0.77%
Bitcoin Cash (BCH) $ 114.45 1.61%