Chinese lottery company 500.com bought BTC.com, one of the largest mining pools in the world

Chinese company 500.com, which specializes in organizing legal online sports lotteries, today announced the purchase of the Blockchain Alliance Technologies Limited business, which owns the BTC.com mining pool and related resources.

The mining pool BTC.com was founded in 2016 and until that time was actually owned by Bitmain Technologies. BTC.com is now the third largest pool in the world in terms of computing power for bitcoin mining, with 17.61 EH / s or 12% of the total cryptocurrency hashrate. In addition, BTC.com owns mobile wallets for iOS and Android, as well as a blockchain explorer.

500.com paid off the Blockchain Alliance with its own shares and pledged to provide additional rewards if the BTC.com pool shows profit for the current fiscal year. Otherwise, it will be able to buy back 10% of the transferred shares from the Blockchain Alliance at a symbolic price.

In January, 500.com announced its interest in bitcoin mining by entering into an agreement to purchase mining equipment worth $ 14.4 million. In the same month, Bitmain co-founder Jihan Wu stepped down as CEO, and the company began a larger transformation.

Listed on the New York Stock Exchange (NYSE) under the ticker symbol WBAI, 500.Com shares soared 75% prior to the opening of markets today.

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