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Chinese state-owned capital is now indirectly backing a major bitcoin mining business

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.

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