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500.com acquires major Bitcoin mining pool

500.com has reached an agreement with Blockchain Alliance Technologies.
500.com has reached an agreement with Blockchain Alliance Technologies.

The Chinese gaming company has acquired Bitdeer Technologies’ cryptocurrency mining pool business, including BTC.com.

China.- The Chinese sports lottery services provider 500.com has entered into a share exchange agreement with Bitdeer Technologies’ Blockchain Alliance Technologies.

The agreement involves 500.com’s purchase of all Bitdeer-owned shares in Blockchain Alliance in exchange for 10 per cent of its own newly issued class A shares.

The first transaction under the agreement is expected to occur on or before April 15.

The deal includes the BTC.com domain and wallet. The multi-currency integrated mining pool was established in 2016 and is currently the gift largest of such pools. It supports various cryptocurrencies, including BTC, BCH, ETH, and LTC.

The two companies have also made agreements related to net operating profits.

If BTC.com records a net operating loss in the year, 500.com will be entitled to repurchase a quantity of Class A ordinary shares held by the Blockchain Alliance.

If it reports a net operating profit, 500.com must issue additional shares to the Blockchain Alliance.

Earlier in the year, 500.com acquired bitcoin mining machines worth US$14.4m.

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500.com CRYPTOCURRENCIES