Categories: CryptoNews

Spondoolies-Tech Shuts Down Operations Effectively Immediately

Spondoolies-Tech was one of the most-renowned Bitcoin hardware manufacturers to make a name for itself in recent years, but as it turns out, the company had ceased operations a few days ago. This announcement caught everyone by surprise, as things were looking quite positive for the company so far.

Spondoolies-Tech Is No More

The number of reputable Bitcoin mining hardware manufacturers is rather small, as this is a very competitive space right now. Most companies thoroughly underestimate the money and effort it takes to build and design new mining chips, whereas buying up stock from other suppliers and putting them into a custom hardware environment means margins will be rather small.

Spondoolies-Tech was one of the emerging players in this field, as they have released several iterations of Bitcoin mining hardware over the past few years. But it looks like the curtain call has come for this company, as their Facebook post on May 4th indicates the company is done for effectively immediately.

This news comes as a major surprise, considering Spondoolies-Tech was in the process of merging with BTCS since late last year. Moreover, the company had revealed their new Bitcoin mining ASIC – called the SP50 – in September of 2015, indicating everything was working out quite well for them.

For the time being, there is not too much information regarding this announcement, as the company remains tightlipped as to why this decision was made. All the message states if the following:

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“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.”

All in all, this is a very strange situation, to say the least, While it is not uncommon for Bitcoin mining manufacturers to merge or be bought out, shutting down operations altogether is a very drastic decision. We will continue to monitor this situation, and update this article as more information becomes available.

Source: Facebook

Images credit 1.2

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JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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