Squire Mining, a Canadian ASIC chip manufacturer, said it will acquire CoinGeek, the crypto news publication and mining pool operator for $45 million.
According to Finance Magnates, the company, whose market capitalization amounts to 35.4 million dollars, had already allied with CoinGeek since August, in addition to seeing its shares quoted in exchange houses around the world.
Initially, the alliance made CoinGeek the exclusive distributor of its products. Now, the acquisition will cause Squire Mining to absorb CoinGeek’s operations and employees, thus obtaining 62,400 ASIC machines located in Canada, Kazakhstan and the United States, with a combined hash power of around 960,000 TH/s.
On this issue, Taras Kulyk, CEO of the company, commented:
“This transaction will provide Squire with a market-leading and recognized brand with the acquisition of the CoinGeek.com domain and the CoinGeek name, as well as making us the world’s largest Bitcoin miner.”
In addition, Kulyk added that he also expects to deliver “significant shareholder value” by allowing his company to be “virtually integrated” with its new chip design and manufacturing business to be marketed next year.
In addition, it is important to note that Squire Mining signed an alliance with Samsung Electronics, South Korea’s largest technology conglomerate, to create a next-generation ASIC miner.
However, despite becoming the world’s largest miner, this could change once Bitmain launches “one of the largest IPOs in history.
On the other hand, CoinGeek had also recently been acquired by Calvin Ayre, a Canadian billionaire who amassed his fortune thanks to internet gambling and recognized as a Bitcoin Cash (BCH) enthusiast.
In this regard, on the acquisition of CoinGeek, Ayre commented that “the next phase of this industry’s growth is ahead of us, which will bring massive scalability to Bitcoin’s blockchain. According to him, selling CoinGeek to Squire represents “doubling” his commitment to Bitcoin’s success.