500.com, the leading Chinese provider of sports lottery services, today announced that it has entered into a shares swap agreement with Blockchain BlockchainBlockchain. BlockchainBlockchain is a digital network made up blocks…. Read this Term Alliance Technologies. BTC.com will be acquired by the Shenzhen-based company. It is one of the most important crypto mining pools worldwide.
According to the official press release 500.com will purchase the domain name BTC.com along with its cryptocurrency wallet. The agreement’s first transaction is expected to take place on or before 15th April 2021.
500.com is a company that is listed on the New York Stock Exchange. The company’s market capitalization is more than $860 millions. In recent days, the company has intensified efforts to increase its crypto presence. The company’s shares are up over 70% in pre-market trading as of this writing.
“The Company and Blockchain Alliance agreed that, if BTC.com Pool Businesses make a net operating profit during the fiscal year ending on December 31, 2021, the Company will issue additional Class-A Ordinary Shares to Blockchain Alliance at a par value. If such net operating profits are not less than US$20million, the maximum number of additional Class-A Ordinary Shares that can be issued to Blockchain Alliance at par value is 22,176,718. These additional Class-A Ordinary Shares will represent approximately 5% of all outstanding shares of the Company as of January 31, 2021. BTC.com Pool, a multi-currency integrated mine pool, was established in 2016. It has a hashrate of approximately 17 EH/s, and supports various Cryptocurrencies including BTC and LTC.” The official announcement stated.
China’s Crypto Mining Industry
China has been a leader in crypto mining and is home to many of the most reputable Bitcoin mining pools. China accounts for over half of the global hash rate. 500.com recently announced that Chinese companies are increasing their efforts to enter crypto mining. Despite the challenges, China’s Bitcoin mining industry still generates billions of dollars in revenues.
The company announced that 500.com was actively developing its blockchain-related businesses, including Bitcoin mining, mining pools business, and mine construction, operation.
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