Squire to Purchase CoinGeek, to Become Biggest Public Crypto Mining Business

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.

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.”

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.

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