Long Blockchain to cancel purchase of S9 crypto mining rigs

Long Blockchain has cancelled the plan of purchasing 1000AntiMiner S9 cryptomining rigs. The company made this announcement on Friday while filing with the US Security and Exchange Commission. The reason is not clear. Nevertheless, when the deal was announced, it was highlighted that the company needs to raise $4.2mln until 31st of Jan. to complete the transaction and announced it would issue 1.6 mln shares of common stock in order to raise $7.7mln. We don’t know how successful the fundraising campaign went, but the company called off its stock one week after the announcement.
The head of the Long Blockchain strategy committee, Shamyl Malik, said that to buy BTC mining computers was just one field of the entire strategy. He also added: "We will continue to evaluate the purchase of mining equipment for Bitcoin and other digital currencies as part of our larger blockchain initiative, which includes among other potential transactions the proposed merger with [blockchain startup] Stater."
From January the price of the stock of company has fallen in a half on Nasdaq’s exchange and it risks to be booted off.

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