The mining pool BTC.com, which was previously sold as compensation to Bitmain co-founder Jihan Wu, became the property of online lottery service provider 500.com Limited (NYSE: WBAI).
https://t.co/EkTXYHPkRx https://t.co/W2DEWTapcv Limited Announces Acquisition of https://t.co/NXJE89NSC8 Businesses
#bitcoin— 500.com (@500lottery) February 16, 2021
For the third in terms of bitcoin hashrate pool, the company paid 10% of its shares (with a capitalization of $ 860 million).
According to Chinese journalist Colin Wu, 500.com is actively expanding its mining capacity in Sichuan province.
https://t.co/1YRYr4QCmY currently ranks third in Bitcoin hashrate. https://t.co/R48OHLWlyt, originally a Chinese lottery website, has recently transformed into a mining industry and filled a large amount of Sichuan mine resources. Its current market value is US$860 million.
– Wu Blockchain (@WuBlockchain) February 16, 2021
In February, an online lottery service provider entered into an agreement to purchase 5,900 Bitcoin mining devices for 55.2 million yuan (~ $ 8.5 million).
In January 2021, Jihan Wu stepped down as CEO of Bitmain after lengthy litigation with Mikri Zhang. On December 19, they entered into an agreement under which Wu received $ 600 million in compensation, a BTC.com pool with the BitDeer cloud platform, and mining farms outside of China.
The conflict between the founders of the company escalated in November 2019, when Wu, with the support of shareholders, removed Zhang from all positions in the company. The confrontation continued throughout 2020, negatively affecting Bitmain’s activities.
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