What a decision for this mining company. Natural Resource Holdings Ltd (NRH), has decided to change industry from gold mining (not Bitcoin Gold) to Bitcoin mining. The incredible year that the cryptocurrency market is experiencing changed the way several companies behave. While some holdings and banks are embracing blockchain technology, others are moving to the cryptocurrency mining activity.
Natural Resource Holdings – From Gold to Bitcoin
While some famous bankers say that Bitcoin will implode and that regulations will kill it, other enterprises make their bets on the bitcoin sphere. NRH is negotiating with Backbone Hosting Solutions in order to buy 75 percent of its shares in exchange for 75 percent its own stocks. Once the company has made this public, investors entered in the market and the shares of the company jumped an incredibly 1,300 percent.
Backbone specializes in hosting high-density computer hardware with substantial access to power and cooling. The company is located in Canada because it offers an opportunity to be located near hydro plants, with the lowest cost for power and low temperatures. Backbone works primarily with Bitcoin, Litecoin and Dashcoin. Other cryptocurrencies are also mined but in lower quantities.
This year the cryptocurrency market has been growing at an unprecedented rate. Bitcoin is being adopted by many enterprises and, at the same time, institutional investors are starting to see opportunities to invest in it. Nasdaq will launch bitcoin futures during the first part of the next year, as UseTheBitcoin informed some days ago.
Some hedge funds are investing an important amount of their managed assets in cryptocurrencies. This is an important way to legitimize Bitcoin and other cryptocurrencies leaving it clear that they are here to stay.
Bitcoin has had an incredible year. Its price passed from $960 in January up to $11,800 in some cryptocurrency exchanges some time ago. Bitcoin mining is becoming profitable for different companies that were working in different fields. NRH may be one of the first enterprises changing its business strategy so as to increase its profitability investing in the cryptocurrency industry.