Given the hospitable weather conditions and affordable renewable hydroelectric energy projects, Canada is becoming one of the fastest and favorable destinations for bitcoin minters in the world.

Bitfarms, a bitcoin miner and commercial brand of Backbone Hosting Solutions Inc., is all set to establish its footprint in the fiercely competitive cryptocurrency market in Canada. To reach its goal, the company is all set to mobilize funds worth up to CAD$50.

Backbone Hosting Solutions Inc. has entered into a pact with Powerone Capital Markets Limited and GMP Securities LP, the two investment banks based in Canada, to raise US$39 million.

The company will utilize the proceeds to expand the cryptocurrency mining operations following the proposed upcoming merger.

Bitfarms will engage in the mining of cryptocurrencies including litecoin, ethereum, bitcoin cash and bitcoin as well as the dash in its production facilities at four places in Quebec. The manufacturing facilities of Bitfarms have an installed capacity of 27.5 MW and an installed hashpower of more than 200 Ph/s.

In the construction pipeline, the company also has three additional farms having a power capacity of more than 100 MW. The company is managing these construction facilities through internal accruals since the year 2013.

Bitfarms to Merge with Blockchain Mining Ltd

Bitfarms is all set to merge with Blockchain Mining Ltd, a company listed on the Tel Aviv Stock Exchange, according to the announcement made in the end 2017. Blockchain Mining Ltd, which previously called Natural Resource Holdings, has considerable investments in mineral assets like silver, lead, zinc and gold apart from  the land.

The proposed merger is in advanced stages and likely to be over by March 15, 2018. The Bitfarms auditors have already submitted a trial balance sheet to expedite the transaction. The company has also planned the extraordinary share holders meeting on March 15, 2018, to complete the merger process on the same day.

The chief executive officer and founder, Mr. Emiliano J. Grodzki of Bitfarms said the planned funds mobilization is to support the expansion of the plant and scale up the operations to maintain the lead as the biggest cryptocurrency mining operations in NA.