The value of a public company traded on the Tel Aviv Stock Exchange (TASE) has increased by almost half after it officially completed a deal with Canadian miner Bitfarms.
The Israeli company Blockchain Mining Ltd. announced on April 15 the execution of a fusion with the Canadian mining company Backbone Hosting Solutions Inc. The Israeli company will now on activate under the name of Bitfarms.
Following the announcement, in just a few hours the share price of the company increased by almost 50 percent.
The deal confirms our position as a leader in the blockchain technology industry. We are ready to implement our expansion in Canada,” declared Emiliano Grozky, VP at Blockchain Mining Ltd.
After the merger, the Israeli company will take the name of Bitfarms, and it will start to mine bitcoin, bitcoin cash, ethereum, litecoin, and dash. The Canadian mining company has at disposal four farms in Quebec area and other three in different locations with power going up to 127.5 MW that can produce over 600 petahashes per second.
“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,” said a spokesperson from Bitfarms.
One of Canada’s energy suppliers declared that the region of Quebec has a surplus of 100 Terawatt hours for ten years.
[…] mining companies are eyeing operations from about 20 megawatts, the size of a data center, to sites as large as 300 megawatts, about the size of a small aluminum smelter.” Said David Vincent, the director of Hydro Quebec.
In the past months, Canada has become one of the top places for mining businesses especially for those that come from anti-crypto environments. At the beginning of the year, many Chinese companies have either expanded their mining activity or moved their headquarters to Canada.