News

Long Blockchain will not purchase collection of Bitcoin Mining rigs

The former Iced Tea maker company has released a statement on their decision to cancel their order for a large shipment of Bitcoin Mining Rigs. Apparently, the company has pulled a 180-degree turn on their proposal to buy 1,000 AntMiner S9 crypto mining rigs, having called off the purchase.
The company has not disclosed their reasons for this action, but rumours are swirling that Long Blockchain might not have been able to fund their prospective acquisition and have since had to backtrack. It’s a possibility that the company fell short of the $4.2 million they needed to raise to acquire the rigs.
Shamyl Malik of the company’s strategy committee has said that the rigs were only one element in the company’s pursuit into cryptocurrencies. He has been quoted saying:
“We will continue to evaluate the purchase of mining equipment for Bitcoin and other digital currencies as part of our larger blockchain initiative, which includes among other potential transactions the proposed merger with [blockchain startup] Stater.”
The failure by Blockchain to obtain the rigs may also have had to do with the fact the company’s shares have recently dropped in price.

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