Bitfarms And BML Merger Results In World’s Biggest Mining Farm
The bitcoin mining industry has been incredibly active lately. Canada has become in a short amount of time an important country for the cryptocurrency mining community. Native company Bitfarms has just closed an important deal with Israel-based firm Blockchain Mining Ltd. The merger of both of these companies will result in the world’s biggest mining hub.
It is obvious that Canada will greatly influence how the future of the Bitcoin mining industry will turn out. The country has a lot of renewable energy and it disposes of the infrastructure that can handle the high demand made by mining companies.
Since 2013, Bitfarms has been operational in this region and it appears that the company has plans of expanding its business. It is currently one of the country’s biggest cryptocurrency mining ventures.
A Merger with an Extraordinary Result
Seeing as Bitfarms is not the only company in the area, they are looking for a partner from across the pond. And it appears that Israel’s Blockchain Mining Ltd. is willing to partner up with the company and get a piece of the action.
This company will merge with Bitfarms and create the world’s largest Bitcoin mining firm. Should everything go down as scheduled, the full capacity of Bitfarms will easily exceed 100 MW and a hashrate of more than 200 petahash per second. Such mining power only fortifies Bitcoin’s centralization problems in the mining sector.
Blockchain Mining Ltd is also a big mining firm in its native land. The firm is currently trading on the Tel Aviv Stock Exchange with the BLCM ticker. Once the company transitioned from essential metals trading to cryptocurrency mining, stocks skyrocketed by 1,300%. Because of this, it seems only logical for the company to team up with a Canadian firm set on the same industry. Now that the merger saw its completions, the stock price grew even more over the weekend.
Another consequence of this partnership would be that BML now owns a 75% stake in Bitfarms. The Canadian-based firm also gets monetary backing from big names from investment banking, which will allow them to expand their mining operation in a short amount of time. For the time being, the firm has not given any signs that it will be setting up new mining hubs on international territory, primarily focusing on Canada.