decrypt.co
Online sports lottery provider 500.com has acquired the Bitcoin mining pool BTC.com, according to a press release.
500.com offers an array of online lottery services, and has recently been seeking to develop its blockchain-related business and products. This now includes cryptocurrency mining.
The purchase was executed as part of a share exchange agreement with Blockchain Alliance Technologies Holding Company in the Cayman Islands. The first group of transactions executed under this agreement include the transfer of the entirety of BTC.com’s mining operation to 500.com, and is expected to occur either on, or before April 15, 2021.
The mining pool business—including the domain name and cryptocurrency wallet—is operated under BTC.com, but belongs to Bitdeer Technologies Holding Company, the parent company of Blockchain Alliance.
Established in 2016, users can search and browse real-time blockchain information using BTC.com, and manage their mining business through the BTC.com website or app. Users are also able to save the cryptocurrency they have mined in the BTC.com wallet.
In addition, 500.com and Blockchain Alliance also agreed that if the BTC.com mining pool business records a net operating profit in the fiscal year ending December 31, 2021, 500.com will issue additional shares to Blockchain Alliance.
On the other hand, if the BTC.com mining pool business records a net operating loss in the same financial year, 500.com will be entitled to the repurchase of shares held by Blockchain Alliance.