Detailed Internet China Sports Activity Lottery Gaming Company 500.com claimed that it agreed to obtain the BTC.com Bitcoin (BTC) mining business from Bitmain founder Jihan Wu.
500.com is acquiring business for its newly provided Course A shares, or about a 10% stake in this lottery company with a market capitalization of $ 860 million. If BTC.com Pool Companies posts a web operating profit of not much less than $ 20 million this year, current investors should get an additional stake of up to 5% in 500.com. In the event the mining company records a web operating loss this year, 500. com “will be qualified to redeem specific Class A Common Shares held by the Blockchain Partnership at face value.”
“Lately, 500.com is proactively establishing its blockchain-related business, which consists of Bitcoin mining, mining pool organization along with mine construction and procedure,” the firm stated.
BTC.com, managed by Bitdeer Technologies Holding Company, an energy exchange computer system, is a multi-currency embedded mining pool developed in 2016 that has a hash rate of around 17 EH / s and holds numerous cryptocurrencies, consisting of BTC , BCH, ETH and LTC, the company claimed.
The most important beneficial owner of BitDeer is Jihan Wu, president of BitDeer, according to the news. As reported, Jihan Wu resigned as CEO and chairman of Bitmain, a major manufacturer of BTC mining equipment, in January. BitDeer claims that in addition to BTC.com, “in strategic collaboration with Bitmain,” it also adds mining pools such as Antpool, F2Pool, ViaBTC, and BTC.top.
BTC.com states that it has more than 10% of the Bitcoin hashrate, or computing power, and is the fourth largest mining pool.
Despite its market capitalization of $ 860 million, 500.com claimed that its web revenue was $ 3.3 million and it experienced an operating loss of $ 29.2 million in 2020.
Its shares recovered in February when the company entered its relocations directly into the crypto market and financial investments of more than US $ 20 million directly into the BTC mining service.
“Thinking about the full distribution of 15,900 bitcoin mining devices, the company’s total hash price will undoubtedly improve by around 1,000 petahashes per second (PH / S),” they stated.
The company stated that it will certainly launch new shares and 50% of them, worth around $ 11.5 million, will be settled in BTC.