BTCC Looks to Sell 49% of Bitcoin Mining Pool

In a non-binding agreement, BTCC Pool Limited - the mining operation of former Chinese exchange BTCChina - agreed to sell a 49% stake of its Bitcoin mining pool.

With 4.55% of all Bitcoin blocks in the last year, BTCC's operation is effectively the 7th most successful BTC mining pool in the world.

In a Memorandum of Understanding published June 24th, 2018 by the Hong Kong Stock Exchange, both parties tentatively agreed to the sale - which would see 4900 shares change hands for HK$147,000.

As a "Proposed Acquisition", the MOU does not bind either party to fulfil the deal, and may see further negotiation between the two parties take place.

Ousted from China in 2017's nation-wide crackdown on ICOs and exchanges, the company was bought out by a Hong Kong blockchain investment fund - the January 2018 began to "Aggressively" grow BTCC's pool operation.

We're excited to announce that BTCC has been acquired by a blockchain investment fund.

The acquisition allows us to aggressively grow our pool, wallet and exchange businesses: https://t.

Now courting VC Holdings in the potential sale, BTCC seems to be taken by the financial services company's healthy Chinese presence.

In detailing "Reasons for the Proposed Acquisition", the memorandum hints at BTCC's intention to resecure its footing in the PRC:. "As disclosed in the Company's 2017 annual report, the Group's strategy is to strengthen the existing core business and tap into new emerging markets with expanded business initiatives and explore business opportunities in the PRC. The Proposed Acquisition represents an excellent opportunity for the Group to be exposed to the fin-tech area by leveraging the expertise of the Target Group's management team."

Now set to launch an upgraded exchange, BTCC may be looking to lead the charge against the PRC - the global superpower now considering implementing regulation around cryptocurrency.