Sports Betting Service Provider Has Acquired BTC.com!

Sports betting service provider 500.com has acquired the massive Bitcoin mining pool BTC.com.

The Chinese online betting service provider has acquired BTC.com. The acquisition was made as part of a share exchange deal with Blockchain Alliance Technologies Holding Company in Cayman Islands. Under the agreement, all mining activities of BTC.com will be moved to 500.com. This process is expected to be completed on or before April 15, 2021. Under the agreement, the BTC.com mining pool is a net operating profit at the end of the year. If it acquires, 500.com will give additional shares to the Blockchain Alliance. In the opposite case, namely the BTC.com mining pool, 500.com will be able to repurchase the shares held by the Blockchain Alliance if a net operating loss occurs in the same financial year. BTC.com, which started its activities in 2015, was using the name Blocktrail. However, the company was acquired by Bitmain in 2016, later re-branded as BTC.com. The BTC.com pool currently handles 10 percent of the total Bitcoin mining activity.    

Source: Uzmancoin.com