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Blockchain Mining Completes Bitfarms Merger, Stock Jumps 49%

Blockchain Mining Completes Bitfarms Merger, Stock Jumps 49%Israeli equity investors seem to maintain a strong appetite for exposure to the bitcoin ecosystem. The value of a public company traded on the TASE has increased by almost half after it officially completed a deal with Canadian miner Bitfarms.    Also Read: How the Government Gave Your Money to the Banks – Again and Again

Bitfarms Merger Complete

Blockchain Mining Completes Bitfarms Merger, Stock Jumps 49%Tel Aviv Stock Exchange listed company Blockchain Mining Ltd. (TASE:BLCM) has announced on Sunday it completed that the merger with Canada’s Backbone Hosting Solutions Inc., operating under the commercial brand Bitfarms. Its share price has jumped up by 49% at the end of the trading day in response. Bitfarms mines bitcoin, bitcoin cash, ethereum, litecoin and dash in four different facilities in Quebec which have 27.5 MW of installed capacity and over 200 Ph/s of installed hash-power. The company’s construction pipeline includes an additional three farms with over 100 MW of power capacity. It is said to have been self-funded since its establishment in 2013 and has over 200 shareholders. “With hydroelectric power, cold weather, competitive electricity rates and innovative universities, the province of Quebec in Canada is rapidly advancing to the status of a global center for blockchain infrastructure,” commented Bitfarms. “The deal confirms our position as a leader in the blockchain technology industry. We are ready to implement our expansion in Canada,” said Emiliano Grozky, corporate vice president of strategy.

Golden Background

Blockchain Mining Completes Bitfarms Merger, Stock Jumps 49%Bitfarms facility in Quebec, Canada Blockchain Mining Ltd. only announced in late 2017 it will be merging with Bitfarms. Prior to this announcement the company was known as Natural Resource Holdings and its investments were mostly in land and mineral assets of gold, silver, zinc, and lead deposits. Its stock price jumped 1,300% after it announced the company was refocusing on bitcoin, but has since dropped back down considerably. Earlier this year Bitfarms signed a deal with two Canadian investment banks, GMP Securities L.P. and Powerone Capital Markets Limited, for the offering of up to CAD$50,000,000 (about $39 million USD) in debentures. This debt is meant to finance an expansion of the company’s cryptocurrency mining business following the merger. “In the last 56 days of 2017, our operations generated more than $200,000 in daily revenue,” said Wes Polford, CEO of Bitfarms. Since then we have increased our installed capacity, and we are witnessing more and more opportunities for growth and integration every day.” Would you invest in the stocks of bitcoin miners? Share your thoughts in the comments section below. 
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Iran Considers Using Cryptocurrencies to Evade US Sanctions
Iran Considers Using Cryptocurrencies to Evade US Sanctions

Iran may employ cryptocurrencies as part of its efforts to circumvent the upcoming US sanctions, according to a high-ranking Iranian lawmaker who said the matter will be discussed in parliament soon. The Iranian MP also believes that digital money can help with overcoming the hegemony of the US doll...

17.07.2018, 03:55Read more
P2P Markets Report: Latin American and Hungarian Volume Surges
P2P Markets Report: Latin American and Hungarian Volume Surges

Latin American peer-to-peer (P2P) markets have seen an influx of volume in recent weeks, with the Localbitcoins markets of Argentina, Brazil, and Venezuela posting significant spikes in volume. In other news pertaining to international P2P markets, the Hungarian Localbitcoins markets produced near-r...

17.07.2018, 01:55Read more
G20 Watchdog Unveils Framework to Monitor Crypto
G20 Watchdog Unveils Framework to Monitor Crypto

A framework has been developed for the G20 countries to “monitor the financial stability implications of crypto-assets markets.” The Financial Stability Board says cryptocurrencies “do not pose a material risk to global financial stability” but supports their “vigilant monitoring.” Also read: Yahoo!...

16.07.2018, 23:55Read more
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