A lot of things are happening behind the scenes of the Bitcoin mining industry. Canada has quickly become a prominent country when it comes to cryptocurrency mining. Local firm Bitfarms has struck a key partnership with Israeli firm Blockchain Mining Ltd. With both venture snow merging, the world’s largest mining hub is in the process of being built.
It is evident Canada will play a big role in the future of Bitcoin mining industry. The country is home to plenty of renewable energy and an infrastructure to keep up with the demand by mining firms. Bitfarms has been active in the region since 2013 and it seems the company plans to keep on growing. It is one of the region’s most successful cryptocurrency mining ventures as of right now.
A Positive Merger for Bitfarms and BML
While Bitfarms is not the only company in this space, they are looking for an overseas partner. It seems Israeli firm Blockchain Mining Ltd. is looking to get in on the action. This particular firm will merge with Bitfarms to establish the world’s largest Bitcoin mining firm. If everything goes accordingly plan, the total capacity of Bitfarms will easily surpass 100 MW and a hashrate of over 200 petahash per second. Such a large amount of mining power only strengthens Bitcoin’s centralization issues in the mining department.
Blockchain Mining Ltd is no small fish either. The firm is publicly trading on the Tel Aviv Stock Exchange under the BLCM ticker. After transitioning from trading essential metals to cryptocurrency mining, stocks soared by 1,300%. As such, it makes sense for the company to partner with a Canadian firm focused on the same industry. The merger has now been officially completed, which further increases the stock price over the weekend.
As a result of this merger, BML now holds a 75% stake in Bitfarms. With the Canadian firm receiving financial backing from investment banking giants, expanding the mining operation appears to be a matter of time. For now, the firm will continue to focus its attention on Canada. There is no indication of any international plans to set up new mining hubs, but that situation can always change in the future.
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