500.com, BTC.com, China, Jihan Wu, Lottery, mining pool, Mining Pools, publicly listed company

A U.S. publicly-listed Chinese sports lottery firm is extending its arms into the crypto industry by announcing another related maneuver. 500.com Ltd announced it has acquired Btc.com, the well known bitcoin mining pool.

Jihan Wu Is the ‘ Biggest Beneficial Owner’ of the Mining Pool

Per the announcement, the online lottery service provider bought the company from Blockchain Alliance. 500.com performed the transaction by issuing newly class A shares, representing almost a 10% stake in the listed Chinese company.

According to the filings, 500.com Ltd made the share exchange agreement with Blockchain Alliance Technologies Holding Company, a Cayman Islands-based firm. Currently, the Chinese lottery provider giant has a market capitalization of $860 million, and the transaction specifies some conditions.

One of them includes the profits generated by Btc.com, which in case that such net figures are no less than $20 million by the end of 2021, the current shareholders will get up to a 5% stake in 500.com Ltd.

It means that a maximum of 22,176,718 additional “Class A Ordinary Shares†shall be issuable, stated the announcement. The first transaction under the agreement is expected to happen on or before April 15, 2021.

Bitdeer Technologies Holding Company is the operator of the pool. Moreover, its “biggest beneficial owner†is currently is Bitmain co-founder Jihan Wu.

Btc.com claims to have over 10% of bitcoin (BTC) hashrate, becoming one of the top five largest mining pools globally.

Not the First Crypto-Related Business Maneuver Made by 500.com

But 2020 wasn’t a good year for the Chinese lottery service provider. According to the yearly figures, the company posted around $29.9 million in losses over 2020.

However, 500.com started the year on a bullish note due to a significant bitcoin mining-related acquisition. As news.Bitcoin.com reported earlier in January, the company reached an initial agreement to acquire BTC mining machines from an unnamed non-U.S. seller.

The full amount of the transaction — $14.4 million — will allow the company to acquire the machines, including such models as the M20s from Microbt S17, T17, and S9 units from Bitmain.

What do you think about the latest 500.com crypto-related acquisition? Let us know in the comments section below.

RELATED NEWS

Report: Asia’s Cryptocurrency Landscape the Most Active, Most Populous Region ‘Has an Outsize Role’

Recently, Messari Crypto Researcher, Mira Christanto published a report that looks into Asia’s cryptocurrency landscape in-depth, as 60% of the world’s population resides in the region. Christanto’s study shows that six out of the top ten largest cryptocurrency unicorns are located in Asia. Moreover, 98% of ethereum-based futures and 94% of bitcoin futures volumes stem […]

Xem chi tiết: Report: Asia’s Cryptocurrency Landscape the Most Active, Most Populous Region ‘Has an Outsize Role’

Russian Crypto Mining Companies Are Expanding Capacity as the Country Becomes a ‘Preferred Hotspot’

Crypto mining operations have been witnessing some changes within the industry in terms of locations. A recent interview with the CEO of the mining giant Bitriver, revealed that Russia is becoming a preferred hotspot for crypto miners. Russian Mining Giant to Build Two Additional Facilities to Cope With the High Demand According to Igor Runets, […]

Xem chi tiết: Russian Crypto Mining Companies Are Expanding Capacity as the Country Becomes a ‘Preferred Hotspot’

Chinese Tea Retailer Joins the Crypto Mining Industry After Hiring Two Roles to Lead Its ‘Bitcoin Business Plan’

A Chinese tea retailer is looking to make its inception into the bitcoin mining business. Publicly-listed Urban Tea announced the expansion of its operations by appointing two executives to pursue its crypto plans. Urban Tea Praises Cryptocurrencies’ Widespread Popularity Per the announcement, Urban Tea Inc. hired Fengdan Zhou as the company’s new chief operating officer […]

Xem chi tiết: Chinese Tea Retailer Joins the Crypto Mining Industry After Hiring Two Roles to Lead Its ‘Bitcoin Business Plan’

Russian Crypto Mining Companies Are Expanding Capacity as the Country Becomes a ‘Preferred Hotspot’

Crypto mining operations have been witnessing some changes within the industry in terms of locations. A recent interview with the CEO of the mining giant Bitriver, revealed that Russia is becoming a preferred hotspot for crypto miners. Russian Mining Giant to Build Two Additional Facilities to Cope With the High Demand According to Igor Runets, […]

Xem chi tiết: Russian Crypto Mining Companies Are Expanding Capacity as the Country Becomes a ‘Preferred Hotspot’

BTC Transaction Stuck? Bitcoin Cash-Powered Accelerators Can Speed Up Transfers

At the time of publication, there’s more than 69,000 transactions waiting in line to get confirmed by a bitcoin miner. Since bitcoin’s price rise, at certain times, transaction fees have climbed to $10 to $20 per transfer, and people who pay less than the median fee may have to wait a while. However, people might […]

Xem chi tiết: BTC Transaction Stuck? Bitcoin Cash-Powered Accelerators Can Speed Up Transfers

BTC Transaction Stuck? Bitcoin Cash-Powered Accelerators Can Speed Up Transfers

At the time of publication, there’s more than 69,000 transactions waiting in line to get confirmed by a bitcoin miner. Since bitcoin’s price rise, at certain times, transaction fees have climbed to $10 to $20 per transfer, and people who pay less than the median fee may have to wait a while. However, people might […]

Xem chi tiết: BTC Transaction Stuck? Bitcoin Cash-Powered Accelerators Can Speed Up Transfers

Bitcoin Hits $50K, Crypto Asset Jumps 200% in 3 Months, USD Shorts Touch a Decade High

The price of bitcoin touched an all-time high surpassing the $50k handle on February 16, 2021. Cryptocurrency advocates celebrated the milestone as bitcoin has spiked more than 200% during the last 90 days and 400% against the U.S. dollar for the entire year. Bitcoin (BTC) has crossed the psychological $50,000 zone after fighting the region […]

Xem chi tiết: Bitcoin Hits $50K, Crypto Asset Jumps 200% in 3 Months, USD Shorts Touch a Decade High

Red Envelopes and BCH: Prominent Mining Execs Jiang Zhuoer and Jihan Wu Bolster Bitcoin Cash

In recent days, bitcoin cash has seen significant gains, and supporters of the digital currency have been positive about specific developments, like the internet entrepreneur Kim Dotcom’s current support. On February 11, the Chinese New Year, the prominent bitcoin mining executives, Jiang Zhuoer and Jihan Wu joined a Satoshi’s Angels discussion channel and spoke favorably […]

Xem chi tiết: Red Envelopes and BCH: Prominent Mining Execs Jiang Zhuoer and Jihan Wu Bolster Bitcoin Cash

South Korean Crypto Exchange Becomes the First Overseas Platform Legally Recognized in China

Darknet Markets Generated $1.7 Billion in Crypto Revenue in 2020 — Set a New Record

Publicly-Listed Air Purifier Manufacturer Adds Dogecoin as a Form of Payment Amid Token’s Popularity

Publicly-Listed Air Purifier Manufacturer Adds Dogecoin as a Form of Payment Amid Token’s Popularity

Bitcoin Miners Strain Under Semiconductor Supply Crunch, Second-Hand Mining Rig Prices Soar

Bitcoin Miners Strain Under Semiconductor Supply Crunch, Second-Hand Mining Rig Prices Soar

While BTC’s Hashrate Remains High, It’s More Difficult Than Ever Before to Mine Bitcoin

Rapid Profits: Bitcoin Hashrate Accelerates While Mining Difficulty Touches All-Time High

Other Articles