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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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