Canadian crypto mining giant officially merges with Israel based BML

One of the most popular city in Canada, Quebec is turning out to be the hotspot for crypto mining projects. Besides the best maple syrup it serves, it also experiences highly competitive electricity prices, while also presenting a chilled climate to keep the tools and equipment cool. These are the major reasons why Bitfarms had planted a farm there back in 2013 and then went onto being one of the most popular and successful cryptocurrency mining projects. Recent reports reveal, that now they are all set to collaborate with Blockchain Mining Ltd (BML) situated in Israel to establish the largest mining hubs worldwide.

The farm officially called Bitfarms, as registered by its sole owner, which is backed by Hosting Solutions Inc., consists mining farms with an overall capacity of about 27.5 megawatts (MW). It also has intentions to set up 3 more farms which are predicted to have a capacity of over 100MW. The current four establishments can mine up to 200  quadrillion hashes per second (200 Ph/s). In the months of November and December last year (2017), it generated about $200,000 in revenue per day just from mining cryptocurrencies like SegWit-Coin BTC ( also known as Core or Bitcoin Legacy), Bitcoin Cash (BCH), Dash (DSH), Ethereum (ETH) and Litcoin (LTC).

The company BML so far has been listed on the Tel Aviv Stock Exchange (TASE) under the symbol name (BLCM). The firm initially was recognized as ‘Natural Resource Holdings’ and raised significant funds through trading essential metals. Then later on when it revealed its plans of stepping into the cryptocurrency world with a progression to Bitcoin investment,  its stock share escalated by almost 1,300{2876df4882026c2e86682ce6494609b46f70b4615d452e4f7f6c3e9089b96e49}.

BML at the very beginning of last year quoted its forthcoming merger with Bitfarms, and just on this past Sunday( 15th April)  officially declared the completion of the merger. This announcement leads to a boom in the stock price of BML, increasing by 50{2876df4882026c2e86682ce6494609b46f70b4615d452e4f7f6c3e9089b96e49} at the end of the daily trading period. BML holds the major stake of 75{2876df4882026c2e86682ce6494609b46f70b4615d452e4f7f6c3e9089b96e49} in Bitfarms, and ranks in the top 10 companies listed on the TASE.

Bitfarms collected over $39 million as loans from 2 investment banking giants, right when the merger was in progress. The funds raised would be utilized for the expansion and growth of the company and mining facilities. Emiliano Grozky, Corporate Vice President at Bitfarms stated, “The merger certifies our position as the leading company in the blockchain sector, and we are further all set to expand our operations across Canada.” Bitfarms was allegedly founded without any external financial support, fascinating over 200 shareholders to fund the company.

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