News+

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.

Subscribe to The Block News+ to
Unlock this Feature

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.

Trending Stories

Digital asset economy fuels instant settlements innovation

Today the always-on demands of online markets have to be matched with the ability to access opportunities instantly and with no limits. Historically correspondent banks would move large sums of money for those needing to transfer funds while creating bottlenecks of unnecessary friction.
Read Full Story
Sponsored Post

Layer-2 Scaling Solutions: A Framework for Comparison - Commissioned by Polygon

Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.
Read Full Story
May 5, 2022, 3:17PM UTC
More