Jihan Wu sold mining pool to BTC.com

Chinese sports lottery provider 500.com has bought one of the world's largest mining pools, whichformerly owned by Bitmain.

500.com is purchasing the mining business in exchange for 10% of newly issued Class A shares. 500.com is valued at $860 million. 

The terms of the agreement provide for the transfer of all BTC.com business, including the domain name and cryptocurrency wallet, under the control of 500.com.

500.com, which was originally a lottery order operator, and has recently become heavily involved in bitcoin mining.

The company recently entered into a purchase agreement5,900 ASICs, worth approximately $ 8.5 million. After that, 500.com placed an order for another 10,000 miners, which will be delivered during 2021. The company's total hash capacity was expected to grow by about 1000 PH / s over the year.

And that was before 500.com announced its acquisition of BTC.com. Even at the most conservative estimates, the company will have a large market share.

Over the past few years, China's dominance in BTC mining has only grown – the country accounts for 65% of the total network hashrate. 

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