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

Mar 2, 2021 | The Block News | 0 comments

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.

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