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by Stockwatch Business Reporter
The TSX Venture Exchange lost 11.62 points to879.18 Monday. Vince Gasparro and Michael Galego's first shell, Cryptoglobal Corp. (CPTO), began trading today. It opened at $1.50 and closed at $1.13 on 5.47 million shares. It is only five months old, having listed with a $500,000 initial public offering at 10 cents in August (see Shell Summary for Jan. 19, 2018). Since then, the company has raised $25-million at prices ranging from 10 cents to 85 cents to help with its cryptocurrency mining efforts. Cryptoglobal has acquired 8,700 cryptocurrency mining machines, which are now operating at the company's Toronto-area data centre. The company plans to add 1,400 more machines by the end of April. It just began cryptocurrency mining, so it has yet to announce any revenue. It is mining four types of cryptocurrency so far: Bitcoin (each worth $11,271 (U.S.)),Dash ($769 (U.S.)), Litecoin ($180.79 (U.S.)) and Ether ($1,168 (U.S.)).
Like many other soon-to-be cryptocurrency miners, Cryptoglobal acquired most of its mining machines from Bitmain Technologies Inc. in China. Cryptoglobal says the average life span for one machine is about four years. If the company encounters any problems before that, it needs to send the machines back to China for servicing. One such machine -- they are called Antminer S9s --uses about the same energy as a microwave; it sounds more like a blender. The Antminers require temperatures below 38 degrees Celsius, so cooling is important, as isdust prevention. If any of the Antminers were manufactured before April 27, 2017, they could be subject to a vulnerability called Antbleed. Bitmain had been installing a function that allowed it to shut down its miners remotely. It said this was to protect against thieves and hackers. At the time, the company was mostly mining cryptocurrency for itself, not producing miners to sell commercially. It says it has since removed the backdoor.
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