Investment fund Macro Energy Limited (ASX:MEJ)
says its takeover target digitalBTC has inked a strategic agreement with the world’s largest cloud Bitcoin mining provider called CloudHashing.com.
Shares in Macro Energy soared last week after announcing its plans to enter the digital currency sector through buying digitalBTC who are a Bitcoin mining and trading company.
While the acquisition is still to be put to a shareholder vote Macro Energy says the strategic agreement will enable digitalBTC to quickly and effectively expand its current and future Bitcoin mining operations.
Macro Energy explains Bitcoin mining is the process which results in the generation of new Bitcoins that are awarded for verifying Bitcoin transactions on the Bitcoin network.
digitalBTC plans to use these Bitcoins to generate revenues through the conversation into sovereign currencies such as US and Australian dollars or to create returns by trading them on an exchange.
Macro Energy reported a net loss of $441,000 in the first half of the 2014 financial year.