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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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Thai SEC: Only Seven Crypto Firms Authorized to Legally Operate in Thailand
Thai SEC: Only Seven Crypto Firms Authorized to Legally Operate in Thailand

The Thai Securities and Exchange Commission (SEC) has announced the names of seven cryptocurrency firms that have been authorized to legally operate in the country. Five of them are crypto exchanges; two are cryptocurrency dealers. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Seve...

16.08.2018, 06:25Read more
Bitangels Co-Founder Sues AT&T for $224 Million Over Cryptocurrency Hack
Bitangels Co-Founder Sues AT&T for $224 Million Over Cryptocurrency Hack

The cryptocurrency investor Michael Terpin is suing the large telecom firm AT&T because his mobile phone was compromised by hackers who stole $24M USD worth of digital assets. Terpin says he was hacked twice in less than a year and employees at AT&T participated in a SIM swap fraud. Also rea...

16.08.2018, 04:25Read more
Five Benefits to a Bear Market
Five Benefits to a Bear Market

We’ve been in a slump for a while now, and by the looks of it will remain in one for a good while longer. How long, how low, and how slow the recovery is anyone’s guess. If you’re reading these words, you’re still here, and thus it’s safe to assume you’re in this for the […] The post Five Bene...

16.08.2018, 02:05Read more