Squire Mining to Purchase CoinGeek for $45 Million

Squire Mining, a Vancouver-based company that designs ASIC chips, is to purchase CoinGeek, a cryptocurrency news site and mining pool operator.

This is significant because Squire Mining (market capitalisation $35.4 million) shares are traded on a number of stock exchanges worldwide, so this deal has created the world’s biggest publicly traded cryptocurrency mining operation. Bitmain of Beijing, the biggest mining entity in the world, is still waiting for approval to go public in Hong Kong.

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Sixty two thousand machines

Squire Mining and CoinGeek first went into partnership in August. Under the terms of that deal, CoinGeek became the sole distributor of Squire Mining products. The new deal involves Squire Mining taking control of all of CoinGeek’s operations and employees, as well as its 62,440 ASIC mining devices located on sites in Canada, the US, and Kazakhstan. These machines reportedly have a combined hashrate of around 1 million terrahashes per…