Apollo Power trials cryptocurrency mining

Bitcoins  picture: Reuters

The company says it successfully utilized surplus energy from its solar power system to mine an Etherium coin.

Yesterday, Apollo Power (TASE: APLP) became the latest stock market company in Israel to announce that it was looking to become active in cryptocurrencies - an announcement that sent the company's share price rocketing by as much as 150% in the course of yesterday's session. The share price closed on a rise of 38%.

Apollo Power notified the stock exchange of a successful trial of the solar power system it is developing, and added, "During the trial, an Etherium virtual coin was mined using the system." After the trial, the company filed a patent application for the system in the US. Apollo Power explained that "the trial demonstrated the feasibility of utilizing the energy produced by the system for mining virtual currencies by using a low-output mining computer that computes the mathematical calculations required to solve transactions in virtual currencies.

"In the simulation carried out as part of the trial, it was found that it was possible to integrate into the system a dedicated component for carrying out the calculation, enabling users of the system to produce and collect virtual coins daily. The company estimates that it will be possible to utilize surplus energy produced by the system (after fully charging the battery) for mining virtual coins and thereby generate substantial additional revenue for system users," Apollo Power said.

Apollo Power (formerly SolarPaint) became active on the stock exchange just over two months ago, after completing the merger of its solar energy activity (which has yet to generate revenue) into stock market shell company Or City Holdings, formerly controlled by Inbal Or.

The main shareholders in the company are Yishai Mor and Yosef Shevah, who own 23% through Vestar. Other large shareholders are CEO Oded Rozenberg (7.7%), Eran Maimon (7.7%), Dr. Ido Hadar (4%), and company chairman Itschak Shrem (2.7%). Shrem, previously one of the most prominent financiers on the Israeli capital market, has recently reinvented himself as a key player in the stock market shell company industry.

Apollo Power joins Natural Resource Holdings, Fantasy Network, and Apply on the list of Israeli companies that on the strength of announcements about activity in blockchain and cryptocurrencies have seen their share prices soar on trading volumes overshadowing some Tel Aviv 35 companies.

This morning, however, Apollo Power's share price is down by about 11%.

Published by Globes [online], Israel business news - www.globes-online.com - on December 19, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

Bitcoins  picture: Reuters
Bitcoins picture: Reuters
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