Bullet Blockchain, an Irish-based turnkey crypto mining operation, has announced the completion of a merger that will allow it to enter the US public market.
The firm stated in a statement that merger documents had already been signed. The company has long announced its intention to merge with a publicly-traded company in the United States that trades on the OTC Markets.
Bullet stated that it will provide additional information about the reverse merger on Monday, Aug. 16, in order to allow enough time for the company with which it has merged to complete the necessary filings with the Nevada Secretary of State.
Bullet said in a statement that “merger documents have been executed between Bullet and an alternative reporting, OTC Markets, pink sheet company (incorporated in the State of Nevada) that is not yet current with its filings.” “However, management anticipates that they will be able to bring the public entity up to date with its filings in relatively short order, especially since the Public Accelerator-Incubator, Digital Asset Monetary Network, Inc. (‘DigitalAMN’), had previously begun assisting the target Company with this endeavor.”
As part of its ongoing efforts to build shareholder confidence, the company ensures that management is committed to protecting shareholders during and after any restructuring.
ASIC miners number 3,500.
Bullet made the announcement following the purchase of 3,500 ASIC miners in July to expand its Bitcoin mining operations. The company also stated that it has exceeded its anticipated buildout capacity for the first year.
Prior to launching its bitcoin mining operation in the third quarter of the year, the company planned to secure 3,500 new ASIC miners by July 2021. Bullet is confident that it will be able to begin mining cryptocurrency on time after securing the necessary equipment on time.
The company is also confident that it can manage the crypto mining operations at a lower cost per kilowatt than its competitors, which could translate into higher profits. Its energy costs are less than half of what other known bitcoin mining companies spend, and its first-year buildout capacity is 200 megawatts for a hash rate capacity of 6,000 petahash.