Israeli company Blockchain Mining Ltd. announced on Sunday the completion of a merger with the canadian Backbone Hosting Solutions Inc., operating under the brand Bitfarms. Thereafter, the shares of the Blockchain Mining Ltd. jumped in price by 49%.
Bitfarms the company is engaged in mining bitcoin, Bitcoin, Cash, litecoin, and Dash in four different areas in Quebec with more than 200 itahashi hashing power. It is reported that the company has more than 200 shareholders.
«Thanks to hydropower, cold weather, competitive electricity rates, and innovative universities in the province of Quebec in Canada is rapidly approaching status as a global blockchain-center», — stated in Bitfarms. «The deal confirms our position as a leader in the industry of the blockchain. We are ready to start our expansion in Canada,» said
Grotsky emiliano (Emiliano Grozky), Vice-President of the company.
At the end of 2017 Blockchain Mining Ltd. announced plans to merge with Bitfarms. This company was known under the name of Natural Resource Holdings and for the most part invested in real estate and precious metals. After the announcement of the change of direction and focus on the cryptocurrency industry, its shares jumped
at 1300%, but subsequently fell significantly.
Earlier this year Bitfarms signed an agreement with two canadian investment banks, GMP Securities L. P. and Powerone Capital Markets Limited, on debt in the range of $ 39 million. These funds are intended to Finance the expansion of the cryptocurrency the company’s business after the merger.
«For the last 56 days of 2017, our operating activities have brought more than $ 200,000 of income a day,» said Wes Polford (Wes Polford), CEO Bitfarms. «Since then we have increased our design capacity, and every day we have more and more opportunities for growth and integration».