Bitcoin Mining Equipment Producer Spondoolies Dissolved by Court
- Competition with Chinese producers proved too tough and the company was no longer able to pay its employees.
A sad ending for Israeli Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term mining equipment producer Spondoolies-Tech. The firm has been dissolved by a court in southern Israel after it failed to pay its employees since April.
Founded in 2013 by a group of Israeli high-tech veterans and cryptocurrency champions, Spondoolies has raised about $12 million to design high efficiency dedicated Bitcoin mining rigs. Last December BTCS (OTCMKTS:BTCS) which merged with Spondoolies invested another $750,000 in the firm and it was hoped that the increased cash flows would make for a more stable combined entity. Now it seems the extra funds did not even last for half a year.
A group of seven Spondoolies employees turned to the court with a request to dissolved the company after they were notified by management they will not receive their last salary Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term and that the firm can no longer afford to retain them. The notification mentioned that Spondoolies suffers from a lack of credit and funding and most likely will go bankrupt in early May.
The employees asked the court to appoint a temporary liquidator for Spondoolies in the hope that she will be able to find a new investor or someone to buy out the firm, or parts of it.
Spondoolies was once considered a very promising cryptocurrency company with clients around the world, and even now all its machines are out of stock. It also won a 3 million shekel grant from the Chief Scientist of Israel and generated $28 million in sales in 2014. Despite all of this, competition with the dominant Chinese Bitcoin mining equipment producers proved too tough without a grater credit pool.
A sad ending for Israeli Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term mining equipment producer Spondoolies-Tech. The firm has been dissolved by a court in southern Israel after it failed to pay its employees since April.
Founded in 2013 by a group of Israeli high-tech veterans and cryptocurrency champions, Spondoolies has raised about $12 million to design high efficiency dedicated Bitcoin mining rigs. Last December BTCS (OTCMKTS:BTCS) which merged with Spondoolies invested another $750,000 in the firm and it was hoped that the increased cash flows would make for a more stable combined entity. Now it seems the extra funds did not even last for half a year.
A group of seven Spondoolies employees turned to the court with a request to dissolved the company after they were notified by management they will not receive their last salary Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term and that the firm can no longer afford to retain them. The notification mentioned that Spondoolies suffers from a lack of credit and funding and most likely will go bankrupt in early May.
The employees asked the court to appoint a temporary liquidator for Spondoolies in the hope that she will be able to find a new investor or someone to buy out the firm, or parts of it.
Spondoolies was once considered a very promising cryptocurrency company with clients around the world, and even now all its machines are out of stock. It also won a 3 million shekel grant from the Chief Scientist of Israel and generated $28 million in sales in 2014. Despite all of this, competition with the dominant Chinese Bitcoin mining equipment producers proved too tough without a grater credit pool.