Santo Mining Corp (OTCMKTS:SANP)
Shares of Santo Mining Corp (OTCMKTS:SANP) were unchanged in Friday trading session after the diversified holding company provided a corporate update. Pursuant to a meeting held with board members of Canoe Pool in China, the two companies have agreed to focus on a three-phase development approach.
Bitcoin Mining Push by Santo
The first phase involves pursuing growth opportunities around blockchain technologies. The two companies have agreed on the implementation of Canoe Pool America’s Pool management system. The system involves the development of a Bitcoin BTC mining pool management software server.
The mining pool management system is to be used for tracking and payout among other management controls of mined bitcoin BTC blockchains.
SANP Stock Performance
Despite affirming plans to pursue growth opportunities around digital currencies, the underperformance of Santo Mining Corp (OTCMKTS:SANP) stock shows no signs of slowing down. SANP is currently trading in a downtrend after shedding more than 30% in market value over the past month. It comes as a surprise given that bitcoin has touched record highs over the same period.
Santo Mining Corp (OTCMKTS:SANP) might have to affirm its plans for the blockchain space if it is to rejuvenate investor confidence in the stock. It awaits to be seen how investors will react to the shipping of 10 bitcoin mining systems as the company moves to strengthen its prospects in the bitcoin mining sector.
According to the Vice President, Mathew Arnett, the shipments will mark an important milestone in the company’s push to generate shareholder value.
“Together we are developing what we hope to soon be the world’s best and biggest Bitcoin Cash Pool. We are committed to building the Americas with Santo who is our most vital and strategic partner. Our first priorities is building the Americans pools hash rate and mining capacity,” said Mr. Arnett.
The second phase of the development program involves the development of a Bitcoin Cash BTH mining pool management server for mining bitcoin cash. The third phase entails assessing the current business environment and making good use of Canoe Pool America’s mining operation to capture material value for enhancing opportunities.
Santo Mining Corp (OTCMKTS:SANP) has executed an exclusive licensing agreement with Chongqing Yuhuan Technology, one of the largest cryptocurrency mining companies in the world. Under the terms of the deal, the two companies are to join forces on the development of a mining pool called Canoe Pool America for bitcoin mining in America.
“We will be building a new company focused on cryptocurrency mining and cryptocurrency transactions. This is just the tip of the iceberg, and during the weeks and months to come there will be many new changes and developments for Santo Mining,” said CEO, Frank Yglesias.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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