Blockchain Mining Continues Operational Expansion

Blockchain Mining (TASE:BLCM; OTC:BITFY) has provided an update on its recent developments regarding expansions and other operational developments.

As quoted in the press release:

Operational highlights in recent weeks:

• Completion of transaction with Bitfarms and first month of trading as a combined entity;
• Acquisition of two industrial real estate properties which is the first major milestone associated with Bitfarms’ 98MW power contract and new computing centres within the municipality of Sherbrooke, Quebec. The total purchase price of these properties was CAD$4.75M and this was funded with balance sheet cash;
• Staff electricians and technicians are finalizing the installation of our custom made electrical transformers at Magog, Bitfarms’ fifth computing centre in Quebec.   The infrastructure buildout is nearing completion and the new facility will have up to 10MW of capacity available;
• Acquisition and installation of 973 new ASIC miners adding 13.1 PH/s to current portfolio;
• Completion of platform testing associated with 100% owned and developed public mining pool. Direct pool ownership and administration will allow Bitfarms to increase profit margins on daily coin rewards and to grow transaction fees; and
• Bitfarms has completed construction of a brand-new centralized repair lab in Saint-Jean-sur-Richelieu, Quebec. Our team of technicians have been trained directly by leading hardware manufacturers and will enable us to minimize hardware downtime.

“As an industry leader, Bitfarms continues to defend and grow its market share which is being funded organically through cashflow from current operations.  Recent price stability in our cryptocurrencies of focus is encouraging, and we are excited to announce the continued expansion, development and vertical integration of Bitfarms,” said Wes Fulford, Chief Executive Officer of Bitfarms.

Click here to read the full press release.