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Squire CEO on CoinGeek acquisition: It would make us the largest, publicly traded Bitcoin miner globally

Namrata Shukla

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Squire CEO on CoinGeek acquisition: It would make us the largest, publicly traded Bitcoin miner globally
Source: Unsplash

Squire Mining Ltd., a Canada-based publicly listed company, announced its agreement to acquire crypto mining assets owned by CoinGeek and its associates. This will be the founding stone of the largest publicly-owned crypto mining operation in the world known as CoinGeek Technologies Ltd, reported CoinGeek.

Taras Kulyk, chief executive officer at Squire, said:

“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. It is expected to deliver significant shareholder value by enabling Squire to become vertically integrated with our growing chip design and manufacturing business, which we would seek to have commercial within 2019.”

Under the agreement, Squire will undertake CoinGeek’s assets, including 62,440 ASIC mining rigs, representing an estimated 960,000 terahash or approximately 90 MW of power consumption. According to CoinGeek, these assets are operated by leading host providers across the United States [35,940 rigs], Canada [6,000 rigs], and Kazakhstan [20,500 rigs].

The all-in weighted average operational cost of the assets being acquired in the deal is US $0.073 per kilowatt hour.

The value of the deal is CAD $60.3 million [US $45.33 million]. It consists of an 11.8 million Squire common shares equivalent to CAD $34.4 million [US $25.86 million] as per the closing price of CAD per share on November 29.

According to CoinGeek, it will also receive an unsecured vendor-take-back note worth CAD $25.8 million [US $19.4 million]. This could be converted into additional Squire common shares.

CoinGeek has agreed into a voluntary lock up on the common shares it received.

Squire has agreed to the deal to take on ConGeek’s employees and consultants who are a part of the management and operation of the assets. It will also take on CoinGeek.com website and domain, along with marketing and advertising assets related to the company.



Squire will also be acquiring CoinGeek’s outstanding global distribution agreement for Squire’s ASIC chips and rigs. The Canadian company had previously granted exclusive rights to CoinGeek to promote, market, sell, solicit and distribute its new ASIC chips and mining rigs to Bitcoin SV along with altcoin miners all over.

Calvin Ayre, the owner of CoinGeek brand, 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. By vending my mining and CoinGeek branded assets into Squire, I would be doubling-down on my commitment to Bitcoin’s success. These assets would enable Squire Mining Ltd to compete at a global level to pave a path for enterprise usage of blockchain technology to flourish.”





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Namrata is a full-time journalist and is interested in covering everything under the sun, with a special focus on the crypto market.

Bitcoin

Bitcoin [BTC]: Binance’s CZ and Ryan Selkis try to predict BTC’s maximum value in the future

Akash Anand

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Bitcoin [BTC]: Binance's CZ and Ryan Selkis tries to predict BTC's maximum value in the future
Source: Pixabay

Bitcoin [BTC], the world’s largest cryptocurrency has seen a surge in popularity again after the recent price increase. This movement was also helped by comments and suggestions from proponents and luminaries in the field of digital assets.

A recent tweet had asked Twitter users interested in cryptocurrencies about the “maximum reasonable price that Bitcoin can achieve in the reasonable future”, something which gained a lot of traction after the involvement of famous personalities like Changpeng Zhao and Ryan Selkis.

CZ, the Chief Executive Officer [CEO] of Binance, the world’s largest cryptocurrency exchange, answered the question by stating:

“There is no such a thing as Max price for $btc.”

He was also asked:

“Do you mean potentially infinitely high price of BTC or that in the near future goods and services will be priced in BTC and it won’t make sense to correlate it with USD?”

CZ’s reply was to the point when he claimed that there was no such thing as maximum inflation for fiat, a statement that a lot of people agreed with.



Ryan Selkis, the Founder of Messari had another opinion to the original question. He said,

“After $250k / BTC the dollar’s reserve status will be in jeopardy, so all bets are off.”

CZ and Selkis were not the first individuals to predict such positive movement as many in the past have predicted Bitcoin to reach heights of even $1 million per Bitcoin. At the time of writing, Bitcoin was trading at $7,967.54, with a total market cap of $14.21 billion. The 24-hour trading volume of the cryptocurrency was $21.04 billion, while the currency was holding a steady 0.45 percent increase in its value over the hour.





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