Spondoolies-Tech was an Israeli based mining equipment provider. The products are solid and easy to install and use - five minutes to get them unboxed and up and running! A top company in terms of disclosure and reputation.
- Country: Israel
- Headquarter: Kiryat Gat Israel
- Type: Mining
- Round: First
- Cost: $4 million
- Date: 1-Aug-2013
- Investors: Genesis Partners, BRM, Individual Investors
Spondoolies-Tech provided a superior bitcoin mining rigs and hosting solutions. Dedicated to creating the best mining equipment in the world. Spondoolies-Tech has been able to raise approximately US$10 million from leading venture firms in the last quarter of 2014 and the first quarter of 2015.
Israeli bitcoin mining equipment developer Spondoolies-Tech, a prominent bitcoin hardware manufacturer in recent years has, in a surprising announcement, revealed that it has shut down operations this month.
A social media post by Spondoolies-tech CEO Guy Corem read:
As of May 4, 2016, Spondoolies-tech has ceased operations. It has been a great privilege to serve the Bitcoin mining community and especially our customers. We deeply appreciate the support and faith that you have placed in us and wish you success in your future
The manufacturer’s mining equipment was widely seen as industry standard, setting the benchmark for efficient, noteworthy mining rigs. CCN has reviewed several of their mining rigs in the past.
The closure comes as a surprise, not long after a recent investment which saw bitcoin mining firm BTCS (formerly Bitcoin Shop) increase its stake in the Israeli mining equipment developer to 9.6% from 6.6% with $750,000. The former e-commerce retailer had originally invested $1.5 million in Spondoolies-Tech in May 2015. Subsequently, the Israeli firm also saw its endeavor to merge with BTCS gain approval from the country’s Office of the Chief Scientist (OCS), in February this year.
Notably, Spondoolies-Tech had even announced a revenue of $28 million in May 2015, for the previous year in 2014.
The drastic departure marks a remarkable turn of events for the mining hardware company which was seen among the most promising startups in the bitcoin industry.
- Spondoolies-Tech Official website
- @SpondooliesTech on Twitter
- BTCs Announces Merger with Spondoolies Tech Following Recent $2.3M Financing - Cointelegraph