Israeli bitcoin mining hardware manufacturer Spondoolies-tech has ceased operations, according to the startup’s CEO Guy Corem.
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 endeavors.
Spondoolies-tech seemed early in the year set to merge with BTCS, a US OTC-listed blockchain tech holdings firm, when the pending merger received approval from Israel’s Office of Chief Scientist.
In April 2015, the two companies signed a letter of intent to merge, and in May BTCS announced that it had invested $1.5 million in Spondoolies-tech ahead of the planned merger.
The Israeli firm’s high quality and plug and play mining rigs were quite popular at one point. In first year of operation, Spondoolies launched five different mining hardware products. Subsequent to its first product launch in March 2014, Spondoolies announced un-audited revenue of more than $28 million for its fiscal year ended December 31, 2014. However, it is evident that Spondolies-tech could not compete with Bitmain and other China-based mining hardware manufacturers.