Blockchain Technology Company Vogogo has recently announced the completion of all procedures for the complete acquisition of the 828 cryptocurrency mining assets.
As of the time of closing the deal, approximately 10,500 mining machines are fully operational, with installation of the remaining mining machines continuing and expected to be completed by mid-July.
The deal was finalized same time as when the Enterprise entered into a lease contract for the facility, which will have access to 30 megawatts of power for cryptocurrency mining, of which almost 27 megawatts is used for withdrawal and the balance for supporting HVAC and electrical systems.
Vogogo presently operates its cryptocurrency mining activities in Quebec. This includes mining for cryptocurrencies for its own account and inside mining pools because it continues to embrace blockchain technology, Vogogo is exploring opportunities altogether aspects of the cryptocurrency section.
Acquisition and Cryptocurrency exchange
The acquisition also comes with the 14,000 Antminer S9 cryptocurrency mining machines, also a supporting infrastructure, all newly fitted in a state of the art facility near Montreal, Quebec.
Vogogo was also able to exchange with 828 L.P. the presence of certain added supporting infrastructure beyond what is obligatory to operate the 14,000 mining machines, at no extra cost to the company.
The total purchase price of $46 million was fulfilled as to $36 million in cash with a $10 million promissory note.
The purchase price for the Option Equipment under the Option is $20 million. The Option Equipment can service about 35 megawatts of electrical power. The Company can workout the Option inside 180 days of the closing of the 828 procurement.
According to Globe News Wire, Vogogo has also dignified the option agreement whereby the Company has the choice to purchase electrical and HVAC equipment to be used for further expansion of its cryptocurrency mining activities, to be connected at a position to be resolute.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]