Chinese state-owned capital is now indirectly backing a major bitcoin mining business
March 2, 2021, 12:38PM EST · 6 min read
Quick Take
- 500.com’s recently acquired major bitcoin mining pool BTC.com.
- The firm’s pivot to mining appears to have started as early as March 2019, as it struggled to cope with China’s 2015 crackdown on online lotteries.
- The new mining business is also indirectly backed by a Chinese state-owned enterprise.
The acquisition of bitcoin mining pool BTC.com by NYSE-listed sports betting firm 500.com has raised eyebrows for at least three reasons.
Subscribe to The Block to
Unlock this Feature
Choose Your Plan

Questions?
If you want to know more about what you get with a Membership, or you need help convincing your manager, we got you covered. You can find the details and learn more about the benefits by clicking the link below.