Blockchain Mining Completes Bitfarms Merger, Stock Jumps 49%
Israeli equity investors seem to maintain their appetite for exposure to the bitcoin ecosystem. The value of a public company traded on TASE has increased by nearly half after officially completing the contract with Canadian mining company Bitfarms.
Bitfarms Complete Merger
Blockchain Mining Ltd (TASE: BLCM) has announced a merger with Canada’s Backbone Hosting Solutions, operating under the Bitfarms brand. Stock prices rose 49% at the end of trading day to meet.
Bitfarms exploit bitcoin, bitcoin, ethereum, litecoin and dash in four different facilities in Quebec with 27.5 MW installed capacity and over 200 Ph / seconds of installed hash. The company’s construction pipeline includes three more farms with a capacity of more than 100 MW. It is said to be self-funded since its inception in 2013 and has more than 200 shareholders.
With hydroelectric power, cold weather, competitive electricity prices and innovative universities, Quebec province in Canada is rapidly advancing towards the status of a global hub of infrastructure, “Bitfarms commented. . “The agreement affirms our position as a leader in the blockchain technology industry. We are ready to carry out our expansion in Canada,” said Emiliano Grozky, vice president The company’s strategy.
Blockchain Mining Ltd just announced in late 2017 it will be merged with Bitfarms. Prior to this announcement, the company was known as the Natural Resources Group and its main investments were land and mineral assets of gold, silver, zinc and lead. Their stock price has risen by 1,300% after the company announcement has re-focused on bitcoin, but has since dropped dramatically.
Earlier this year, Bitfarms signed a contract with two Canadian investment banks, GMP Securities L.P. and Powerone Capital Markets Limited, to offer $ 50 million (approximately $ 39 million). This debt is meant to finance the expansion of the company’s cryptocurrency mining business after the merger.
Wes Polford, Bitfarms Chief Executive Officer, said: “Over the last 56 days of 2017, our operations have generated more than $ 200,000 in daily revenue. We are seeing more and more opportunities for growth and integration every day. “