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Sports activities Playing Web site 500.com Acquires Bitcoin Mining Pool BTC.com

02/17/2021

Right this moment, Shenzhen, China-based sports activities lottery website 500.com introduced the acquisition of main Bitcoin mining pool BTC.com from Blockchain Alliance Applied sciences Holding Firm through a share-swap settlement. Blockchain Alliance is operated by BitDeer, which itself is chaired by Jihan Wu, the co-founder of bitcoin mining large Bitmain.

The phrases of this buy settlement embody 500.com utilizing 10 % of its personal excellent shares to execute it, in keeping with the announcement. The phrases additionally outlined further share issuances primarily based on the efficiency of BTC.com companies.

In response to BTC.com mining pool knowledge, it’s at present the fourth-largest pool by block validation, contributing simply over 10 % of the full community hash charge during the last three days. As of the time of this writing, BTC.com maintains a hash charge of 15.36 exhahashes per second throughout that timeframe.

This information comes sizzling off the heels of 500.com’s announcement in early February that it’s buying 15,900 bitcoin mining rigs. That is fast development for the web playing firm, which solely simply introduced its intention to enter the blockchain house in January. 

It additionally begs the query of what different non-Bitcoin targeted corporations will goal mining swimming pools for acquisition within the close to future. As we see extra corporations undertake bitcoin as a part of their company reserve methods, mergers and acquisitions like this one could be the following steps within the development of bitcoin publicity by Wall Avenue and different establishments.

The submit Sports activities Playing Web site 500.com Acquires Bitcoin Mining Pool BTC.com appeared first on Bitcoin Journal.