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Lottery Giant Buys Bitcoin Miner From Jihan Wu

Linas Kmieliauskas
Last updated: | 1 min read

Listed Chinese online sports lottery service provider said it agreed to acquire the Bitcoin (BTC) mining bussiness from Bitmain co-founder Jihan Wu.

Jihan Wu. Source: a video screenshot, Youtube, – Official Channel is buying the business in exchange for its newly issued class A shares, or around a 10% stake in this lottery provider with a market capitalization of USD 860m. However, if Pool Businesses records a net operating profit of no less than USD 20m this year, the current shareholders should get an additional, up to a 5% stake in In case the mining business records a net operating loss this year, “shall be entitled to repurchase certain Class A Ordinary Shares held by Blockchain Alliance at par value.”

“Most recently, is actively developing its blockchain-related business, including Bitcoin mining, mining pool business as well as mine construction and operation,” the company said., operated by Bitdeer Technologies Holding Company, a computing power-sharing platform, is a multi-currency integrated mining pool established in 2016 that has a hash rate of around 17 EH/s and supports various cryptocurrencies, including BTC, BCH, ETH, and LTC, the company said.

BitDeer’s biggest beneficially owner is Jihan Wu, BitDeer’s chairman, per the announcement. As reported, Jihan Wu resigned as the CEO and Chairman of Bitmain, a major BTC mining hardware manufacturer, in January. Moreover, BitDeer claims that besides, “in strategic partnership with Bitmain,” it also aggregates mining pools from such as Antpool, F2Pool, ViaBTC, and claims it has over 10% of Bitcoin’s hashrate, or computing power, and is the fourth largest mining pool.

Despite its USD 860m market capitalization, said its net revenues were USD 3.3m and it suffered an operating loss of USD 29.2m in 2020.

However, its shares rallied in February as the company announced its moves into the crypto industry and investments of over USD 20m into the BTC mining business.

“Assuming full delivery of the 15,900 bitcoin mining machines, the Company’s total hash rate will be increased by approximately 1,000 petahashes per second (PH/S),” they said.

Moreover, the company said it will issue new shares and 50% of them, worth around USD 11.5m, to be settled in BTC.

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Bitcoin Mining in 2021: Growth, Consolidation, Renewables, and Regulation