Squire Mining revealed earlier the imminent acquisition of crypto mining developer CoinGeek, including its 62,000 ASIC miners, for around CAD$60 million.
The imminent acquisition of cryptocurrency mining unit manufacturer CoinGeek would make the Canada-based Squire Mining the largest public mining company in the world.
It was revealed earlier that the two companies have entered into a non-binding letter of intent, as well as into negotiations regarding the upcoming acquisition.
#PressRelease ➡ https://t.co/MIZmrsCX6W
Under the deal, Squire will take under its wing @RealCoinGeek assets consisting of 62,440 ASIC mining rigs, representing an estimated 960,000 terahash/s or about 90MW of power consumption. #cryptomining
?? $SQR ?? $SQRMF ?? $9SQ pic.twitter.com/hEbhQrYoLw
— Squire Mining Ltd. (@squiremining) November 30, 2018
The deal would include Squire purchasing the CoinGeek’s mining assets, its affiliates, and its 62,440 ASIC (application-specific integrated circuit) miners—who represent around 960,000 terahash per second for 90 megawatts of power.
Calvin Ayre, CoinGeek owner, said:
“I believe the next phase of growth for this industry is upon us and that means massive scaling of the Bitcoin blockchain to accommodate the throughput needed for enterprises to make use of this technology. These [CoinGeek-branded] assets would enable Squire Mining Ltd to compete at a global level to pave a path for enterprise usage of blockchain technology to flourish.”
CoinGeek is now the largest public mining company in the world and we will use our position to push for Enterprise adoption of Bitcoin SV on the back of massive scaling. 2019 is going to be a fun year!https://t.co/FbjHqeRPcm
— Calvin Ayre (@CalvinAyre) November 30, 2018
Taras Kulyk, Squire CEO, added:
“This transaction would provide Squire with a leading, recognized brand via the acquisition of the CoinGeek.com and CoinGeek name, but it would also make us the largest, publicly traded Bitcoin miner globally.”
With the deal expected to be closed by around the end of January 2019, the acquisition would cost Squire an estimated amount of CAD$60.3 million.
Squire would also change its name to CoinGeek Technologies later on.
Meanwhile, both companies are involved in the Bitcoin Cash (BCH) fork Bitcoin SV (BSV), with Squire producing BSV miners and the CoinGeek mining pool providing a significant amount of power on the BSV network.
| Related: Kraken Accused of Market Manipulation, Among Others, on Calvin Ayre’s Twitter Outburst