in

Chinese company 500.com buys BTC.com, one of the largest Bitcoin mining pools

On February 16, the Chinese online sports lottery company, 500.com Limited (WBAI) announced the acquisition of the cryptocurrency mining pool BTC.com. This transaction includes the domain name and the digital wallet. The company has recently sought to direct its business towards the world of cryptocurrencies and the blockchain, this being an important step towards its goal.

As reported by 500.com itself in a statement through its website, the purchase was carried out as part of a share exchange agreement with Blockchain Alliance Technologies Holding Company of the Cayman Islands. Said agreement contemplates executing the transfer of the entire mining operation from BTC.com to 500.com on or before April 15, 2021.

Bitdeer Technologies Holding Company is the company that operates BTC.com, one of the largest mining pools. It was established in 2016 and has a mining service for various cryptocurrencies such as BTC, BCH, ETH and LTC with a hash rate of around 15.07 EH / s which represents 10% of the total of the BItcoin network. It offers a complete service for its users, since they can explore information with statistics on blockchain in real time through its website and manage their mining business right there. Also, they can save the winnings in the BTC.com wallet.

The 500.com company typically offers comprehensive online sports lottery services. A week ago the price of his shares began to rise exponentially after the publication of its financial results for the fourth quarter of 2020. However, it seems that this was not the true cause of said increase in the price of its shares, but the message that accompanied the information: the purchase of 5900 machines of Bitcoin mining and the total commitment of the company to explore the opportunities of the cryptocurrency industry and the blockchain”. Now with the new acquisition, the shares of the company rise again dramatically.

With the participation of more companies like 500.com in the Bitcoin mining industry, China could reaffirm its world leadership in this by markingHowever, other countries such as the United States and Canada are more than willing to challenge this position. Companies like Riot Blockchain, Compute North and Bitfarms that are injecting large amounts of money to scale their infrastructure with a greater number of mining machines and thus increase their hash rate significantly.