In a statement, the firm said that merger documents have already been executed. The company has long announced its plan to merge with a US publicly traded company trading via the OTC Markets. Bullet said that it will provide further details regarding the reverse merger on Monday, Aug. 16 in a bid to give ample time for the firm it has merged with to complete the required filings to codify the deal with the Nevada Secretary of State. The company ensures that the management is committed to protecting shareholders during and after any restructuring as it aims to build shareholders’ confidence continuously.
3,500 ASIC miners
Bullet made the announcement after procuring 3,500 ASIC miners in July to boost its Bitcoin mining operations. The company said that it has also exceeded its year-one anticipated buildout capacity. The company planned to secure 3,500 new ASIC miners by July 2021 prior to launching its bitcoin mining operation in the third quarter of the year. Bullet is optimistic that it can start mining crypto on time after securing the required equipment on schedule. The company is also confident that it can manage the crypto mining operations at a far lesser cost per kilowatt than its competitors, which could mean more profits. Its energy costs are less than half the amount spent by other known bitcoin mining operators and its first-year buildout capacity is 200 megawatts for a hash rate capacity of 6,000 petahash. [coinbase]
