BML And Bitfarms Will Merge To Form Worlds Biggest Mining Farm
Israeli based firm Blockchain Mining Ltd (BML) has recently agreed to merge with Canadian based Bitfarms to form the biggest mining farm in the world. Canada is home to a vast amount of renewable energy which is beneficial for any crypto mining company. Bitfarms has been operating since 2013 and with the merging news, it shows they have big expansion plans for the future.
Birtfarms goal has been to power the blockchain and mining industry with sustainable energy. Their farms provide computing power to cryptocurrency networks such as bitcoin, bitcoin cash, ethereum, litecoin, and dash. They currently operate in 4 farms in Quebec, Canada which have 27.5 MW of installed capacity and over 200 PH/s of installed hash-power. Bitfarms construction pipeline includes an additional 3 farms in Quebec with over 100 MW of power capacity.
BML is one of the biggest mining firms in the Middle East. It is currently traded in the Tel Aviv Stock Exchange with BLCM as their native traded ticker. After the merger, the BLCM stock rose by 30% since news broke out later to stabilize their current offering. Blockchain Mining Ltd will acquire 60% of shares in Bitfarms in exchange for 23 million common shares of BML.
Emiliano J. Grodzki, Chief Strategy Officer said:
“The transaction confirms our role as a leader in blockchain technology.
We are fully prepared to pursue our expansion in Canada, where we have secured
access to more than 135 megawatts of clean, sustainable hydroelectricity,” (BLOOMBERG)
BML was looking for a company in a country with access to clean hydroelectricity, cold weather, crypto friendly regulations, and competitive electricity rates. Bitfarms native city Quebec is also becoming a blockchain hub, so the deal makes a lot of sense for the Israeli firm to merge with the Canadian company.
We have come a long way since the first bitcoin was mined by Laszlo Hanyecz back in 2010 with his GPU. Now big companies such as Bitmain are offering ASIC miners specialize for mining specific cryptocurrencies such as bitcoin, and companies like Qarnot who are innovating the mining industry to heat apartments as well as mining crypto.