This Gold Miner’s Shares Jump Over 200% After Switching To Bitcoin
The stock of an Israeli gold company, Natural Resource Holdings (TLV:NLH), surged 212% this week after it announced on Sunday that it wants to purchase a 75% stake in Backbone Hosting Solutions Inc., a Canadian cryptocurrency mining farm also known as Bitfarms.
Natural Resource Holdings’ shares rallied from 980 Israeli shekels (USD $280) on Sunday to 3,055 Israeli shekels (USD $872).
Back in October, the Israeli company, which is known for its investment in North American metals mines, said it was planning to change its name to Blockchain Holdings.
Meanwhile, Bitfarms founder Emiliano Grodzki told Bloomberg on Monday that the Canadian bitcoin mining farm has become the biggest operation of its kind in North America.
“It’s hard to imagine that this operation began in our basement several years ago; by reinvesting our profits, holding on to our surplus coins, and running an entirely vertically integrated operation,” Grodzki said. “We believe in the future of the blockchain to positively impact society and take our role as miners in this ecosystem very seriously.”
Bitcoin is known for its extreme volatility. Just a week ago, the popular digital currency plunged around $2,000, after soaring to $11,000 for the very first time a few days prior to that.