The Acquisition of Sees China’s Expand its Crypto Presence

China accounts for over 50% of the world’s hash rates

  • The Chinese company has partnered with Blockchain Alliance Technology in shares Exchange Agreement to buy
  • The first transaction under the arrangement is expected to occur on or before 15th April 2021
  • China accounts for over 50% of the world’s hash rates
  • In spite of setbacks, China’s Bitcoin sector still generates billions of dollars in revenue

The number one sports lottery service in China, has announced that it has entered into a partnership with Blockchain Alliance Technology in a Share ExchangeAgreement. This agreement will see go on to procure which is among the top crypto mining pools in the world.

This purchase involves the domain name of and its distinct cryptocurrency wallet in a deal rumored to be worth millions of dollars. The first transaction on the platform after the purchase is scheduled to be on the 15th of April, 2021.

A Closer Look At The Details is a publicly listed company on the New York Stock Exchange with a valuation of $860 million and it makes this recent acquisition a huge deal. The company is a newsletter reiterated its desire to expand its crypto presence.


It said, “ is actively developing its blockchain-related business, including Bitcoin mining, mining pool business as well as mine construction and operation.”

As per the agreement reached, if Pool Businesses record a net operating profit in this fiscal year which ends on December 31, 2021, then, the Company will issue additional Class A Ordinary Shares to Blockchain Alliance at par value.

A press statement by gave pertinent insights into the inner workings of the agreement. An excerpt states that:

Assuming such net operating profit is no less than US$20 million, a maximum of 22,176,718 additional Class A Ordinary Shares shall be issuable, which additional class A Ordinary Shares represent approximately 5% of the Company’soutstanding shares as of January 31, 2021. Pool 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.

On The Flipside

China’s Crypto Mining Industry

The exponential growth of the Chinese crypto mining industry has been impressive giving the stifling government regulations and sanctions that it faces regularly. Today, China has some of the world’s largest crypto-currency mines and contributes to 50% of the world’s hash rate.


The move by in acquiring will spur tremendous growth in the already booming crypto mining sector of China. The annual turnover of the sector is pegged at over 10 billion dollars which is pretty impressive for a country that faces stern legislation.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Milko Trajcevski

Milko Trajcevski is a DailyCoin news reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs). Location: Skopje, Macedonia