Crypto-currency mining firm Electric Pays Out to Buy Bitcoin for $1.2M
Crypto-currencies are gaining traction on the cryptocurrency market, and some of the largest mining firms are getting in on the action.
The latest example is Electric, which has announced that it will sell its Bitcoin mining hardware to a buyer in exchange for Ether.
Bitcoin’s market capitalization is now at $9.8 billion.
Electric, based in California, is owned by two brothers, Brian and Robert Electric.
Their business model is based around a blockchain, which is an online ledger of all Bitcoin transactions and blockchains of other cryptocurrencies.
The company also has an industrial-scale factory that processes the Bitcoin mining equipment and sells it online to companies and individuals.
In exchange for a portion of the proceeds, the buyers of the equipment will receive a portion or all of the profits from the sale of the Bitcoin miner hardware.
The sale is set to begin on April 15, according to a press release.
The Electric company has said that the sale is not a final deal.
The news comes after the company announced that they have been able to raise $1 million in the last 24 hours, after a crowdfunding campaign raised over $200,000 in less than 24 hours.
The funding comes after a series of events, including a $4 million funding round that led to a series-three funding round in July 2017, and a $50 million funding in January 2018.
At the time of writing, the company’s shares are trading at about $1,280.50.
The Ethereum mining hardware company is also looking to raise funds, and it recently announced that a second round of funding was in the works.
The mining hardware maker, Electrify, announced a Series A round in January 2017, bringing the total funding raised to $1 billion.