Calvin Ayre shareholding in Taal confirmed at 62 percent

Calvin Ayre shareholding in Taal confirmed at percent

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Calvin Ayre shareholding in Taal has been confirmed officially by the mining pool operator. Rumors already had the word that Calvin Ayre holds substantial shares in Taal, a renowned mining pool operator.

The announcement mentions that the company’s shareholdings amount to 62 percent of the total Bitcoin SV hashrate on the platform.

Recently, Taal shifted to mining Bitcoin SV from Bitcoin Cash due to the proposed charges on mining BCH. Rumors about Calvin Ayre shareholding in Taal started when an asset purchase agreement was made public that involved Taal and three firms related to Ayre.

These firms were responsible for providing Taal with 50,000 cloud computing units based out of the United States. The $4 Million deal of non-operation units was to be completed using non-voting participating shares (NVPS).

Additionally, Ayre is reported to have convertible debenture in Taal that will transform into common shares of the company in May 2020. The NVPS option will be exercised in case the amount of common shares in Taal goes below 40 percent. In such a case, the NVPS will change into common shares to maintain more than 45 percent shareholdings.

Calvin Ayre shareholding in Taal is just tip of the iceberg

The official announcement also revealed that Calvin Ayre shareholdings also cover its 62 percent Bitcoin SV hashrate share as well. Taal has been working with Ayre subsidiary nChain to build next-gen mining structures.

Ayre also guided the company to make the switch towards Bitcoin SV mining. The press release regarding Calvin Ayre shareholding in Taal mentions that Ayre will be easily able to maintain a 45 percent shareholdings in Taal.

Besides Calvin Ayre shareholding in Taal, the firm now holds significant clout in the Bitcoin SV hashrate ecosystem. It has a direct 60 percent hashrate control in three large Bitcoin SV mining pools, including SVPool, Coingeek, and Taal.

The forthcoming addition of 50,000 non-operational cloud units will take dominance much further. The cash proceeds will further take a boost as and when these units will be made functional. Most likely, the cloud units will be deployed post the halving event as the networks will be stable and more yielding.

Featured Image by Pixabay

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Gurpreet Thind

Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.

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